The dizzying pace of change in 2020 has only amplified the urgency of a corporate director’s oversight responsibilities. Acting sooner rather than later gives a business more avenues to successfully emerge from a financial crisis and improve the likelihood of achieving long-term viability. Similarly, directors will be better able to anticipate and insulate themselves from the risk of personal liability with an up-to-date understanding of where their company stands regarding its key legal obligations. Insolvency plans for the business and independent legal (and often financial) advice, for the whole board and individual directors if necessary, are critical tools to have in place both during the COVID-19 crisis and beyond. Our Take: A Successful Response Starts Early
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Governance Insights 2020
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