University of sunderland

Conclusion

To sum up, the workload of the director has escalated due to the impact of Covid-19. Since the outbreak of the pandemic, management has been regularly providing updates to boards of directors and shorter but more frequent meetings have been held to tackle the numerous issues that have emerged. As per statistics, majority of the CEOs dedicate a higher amount of time to their professional endeavors. After the crisis subsides, it is expected that meetings will occur less frequently and with less intensity. However, the newly established board standards necessitate that directors dedicate a greater amount of time than usual to their responsibilities. Implementing the following measures requires patience: collaborating more closely with management to formulate strategy, monitoring a more comprehensive set of performance indicators, supervising a wider range of potential hazards, examining the compensation policy, engaging in more deliberate decision-making, and expanding the size of the board. After the removal of travel restrictions and implementation of security measures, the new routine will comprise of regular virtual meetings that are shorter in duration, with occasional in-person gatherings, as virtual meetings are more convenient.

In the aftermath of the pandemic, local authorities must evaluate their capacity to fulfill the latest standards and strategize to remedy any insufficiencies found. They aim to ensure that their members possess a unified comprehension of the duties and obligations of the board of directors, and their own duties and obligations as directors, amidst the questioning of previous presumptions. In the midst of a Covid-induced rush, it is crucial that boards of directors do not overlook their fundamental duties as governing bodies of the organizations they oversee.

The Institute holds the belief that good governance is crucial as it serves as the foundation to enhance the credibility of decisions made by business managers. Making decisions that are both of high quality and ethical can be instrumental in generating sustainable long-term value.

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