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By Deb Kemper and Kathryn Swintek, Managing Partners, Golden Seeds Funds
Editor’s note: As businesses grapple with massive change, two of the Managing Partners of our Funds – experienced investors and board members of both public and private companies – shared their advice on the new and expanded role that boards must play.
Anyone serving on a board today knows it’s anything but “business as usual” in a world transformed by the pandemic. Companies of all types and sizes must adapt to survive and function effectively. In this environment, the role of the board of directors has become even more critical as they’re called upon to help companies and CEOs deal with extreme challenges.
Many CEOs may find themselves struggling to manage unprecedented and stressful situations, and they need a sounding board to help them absorb news, assess needs and assign priorities — and it’s often up to board members to step in and help during this critical time. Board members often serve as trusted advisors and coaches who can brainstorm with CEOs about problems and solutions, enabling them to project an air of calm leadership.
This partnership is vital at a time when rapid change is the norm, feedback loops are accelerated and urgent decisions must be made quickly. Many boards are holding meetings much more frequently – and sometimes less formally – to review pressing matters such as financial forecasts, funding needs and succession planning for business continuity.
Here’s a look at how four essential board responsibilities have expanded or changed during the current crisis.
Read more here.