Executive Summary
It is fitting that the 10th anniversary edition of our Davies Governance Insights report coincides with the start of a new decade, a milestone that typically invites reflection on where we’ve been and what the coming years may hold. Before the end of last year, however, no one could have predicted that a “black swan” event in the form of a virus would bring the world to its knees in a matter of weeks. By March 2020, COVID-19 was declared a global pandemic, shuttering economies, shaking stock exchanges and upending businesses in nearly every industry and geographic corner of the world. In corporate boardrooms, directors found themselves scrambling to respond to a crisis for which there is no playbook. COVID-19 added an extra layer of challenges for directors to consider, from operational and supply chain disruptions to sharp declines in demand and revenue, to employee concerns and liquidity constraints. Layered on these demands were a heightened degree of scrutiny on leadership and risk management and the need to carefully balance short-term priorities with long-term goals.
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