The COVID-19 pandemic is presenting many unique challenges to
directors in their efforts to strike the right balance between
fulfilling their oversight responsibilities and allowing management
to run the day-to-day operations. Finding this balance can be
difficult for directors as the impact of the current crisis on each
company and the risks to its business, financial condition and
stakeholders continue to evolve and remain highly uncertain. This
situation may be exacerbated by the fact that, for the past year,
many market participants have emphasized the need for directors to
shift their focus away from a traditional shareholder-primacy model
toward the corporation's long-term best interests, having
regard to a wide range of stakeholders, including customers,
employees, suppliers, retirees and pensioners, creditors,
shareholders and communities.
