The COVID-19 emergency has prompted much media coverage, panic in some quarters and severe market falls. At a time like this, it is vital that organisations act rationally, says Parmi Natesan CEO: Institute of Directors in South Africa (IoDSA).
“Boards are responsible for developing strategy and ensuring an organisation is sustainable. An unfolding global emergency like this is not the time to formulate new strategy. Like all crises, this one will pass and a steady hand is what is needed,” she says. “Boards must offer rational leadership that builds on their existing strategy to steer the organisation through these choppy waters.”
Ms Natesan advises boards to consider the following points in responding to the crisis:
As part of this analysis, the board should consider the impact on the six capitals—Human, Financial, Social and Relationship, Manufactured, Intellectual and Natural—that every organisation depends on.
“Every organisation and industry sector has its own characteristics, and so the impacts of a global health pandemic such as this one, will be unique,” Ms Natesan comments.
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