Many boards are not equipped to deal with big disruptions to their businesses, and conventional governance is not “fit for purpose” in such situations, according to new research.
Things that can get in the way of effective board performance in a crisis include a powerful and successful chief executive or a weak chairman — either of which can make it difficult for non-executive directors (Neds) to draw attention to problems at an early stage. There may also be market pressure to take the company in a direction that ignores the real problem, write the authors of Boards in Challenging Times: Extraordinary Disruptions, by Henley Business School and Alvarez & Marsal, the professional services firm.
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