Author: avd_adMiN

• Directors need to understand and approach cybersecurity as an enterprise-wide risk management issue, not just an IT issue.
• Directors should understand the legal implications of cyber risks as they relate to their company’s specific circumstances.
• Boards should have adequate access to cybersecurity expertise, and discussions about cyber-risk management should be given regular time on board meeting agendas.
• Board directors should set the expectation that management will establish an enterprise-wide cyber-risk management framework with adequate staffing and budget.
• Board–management discussions about cyber risk should include identification of which risks to avoid, which to accept, and which to mitigate or transfer through insurance, as well as specific plans associated with each approach.

– Boards should, through detailed measurements and analysis, monitor the company’s health safety considerations, including worker fatalities.

– Boards and management are faced with the need to reduce staff or projects to keep the business afloat.

– Boards should also assess the risk of the domestic supply chain becoming ill or having to isolate itself.

– Boards should have discussions on teleworking, including how best to mitigate IT risks and data privacy breaches.

– Boards should be mindful of the need to defend the corporate culture and keep it strong in the face of heightened uncertainty.

– Boards should undoubtedly approve dividend reductions, share purchases and capital expenditures.

– Boards members should assess the long-term prospects of a company’s underlying business model, as well as the company’s ability to pay its debts and to have the cash available to meet its future needs.

– Boards should, through detailed measurements and analysis, monitor the company’s health safety considerations, including worker fatalities.

– Boards and management are faced with the need to reduce staff or projects to keep the business afloat.

– Boards should also assess the risk of the domestic supply chain becoming ill or having to isolate itself.

– Boards should have discussions on teleworking, including how best to mitigate IT risks and data privacy breaches.

– Boards should be mindful of the need to defend the corporate culture and keep it strong in the face of heightened uncertainty.

– Boards should undoubtedly approve dividend reductions, share purchases and capital expenditures.

– Boards members should assess the long-term prospects of a company’s underlying business model, as well as the company’s ability to pay its debts and to have the cash available to meet its future needs.

What made them all effective is that they followed the same practices:

– they asked : « what needs to be done? »

– they asked : « what is right for the entreprise? »

– they took responsibility for decisions.

– they were focused on opportunities rather than problems.

– they thought and said « we » rather than « i »

« …Speed, simplicity and truth are all key operating principles for how you communicate externally and internally in a time of crisis. Speed is critical  because situations evolve very quickly, whether it’s an operational crisis or one of perception, and only the most nimble teams can succeed. In terms of simplicity, many companies fall into the trap of overcomplicating their messaging or hedging to the point of ineffectiveness. The best message is usually the most concise and direct. Truth is essential, but it is often really hard to get to in the face of speed, as there are a lot of other agendas and perceptions out there… »

Brad Shaw, Senior Vice President of Corporate Communication and External Affaires; The HOME DEPOT.

“… Successful companies use board meetings to create and improve keys business strategies. Preparation is vital: from making sure you have the right board members in the first place to preparing and circulating board papers in advance. A good chairperson can then control the meeting and help ensure that the decisions made are put into practice…” IoD

“…The business world shows that Directors have the power to make and break up businesses. They are, moreover, the link between the company and the outside world, hence the notion of professionalizing the function of director…”

Global Corporate Governance Forum 

“…The need for good corporate governance is all the more important as the proper functioning of companies is the sine qua non condition for national and international economic growth; which, in turn, is necessary to reduce poverty…”

 Global Corporate Governance Forum