Good Governance: Is virtual board work here to stay?
A return to ‘normal’ is less likely than a shift to a ‘new normal’ involving a hybrid approach.
By mid-March 2020, most businesses had moved as much of their operations as possible to be remote—and board meetings were no exception. Whether board members were prepared or not, they had to adjust to meeting remotely and conducting all their work online. For many, this meant using mobile devices and digital tools daily that they had once used only infrequently as contingencies. As we pass the one-year mark of the global pandemic, it’s becoming clear to many boards that a “return to normal” in the coming months is less likely than a shift to a “new normal”—one that involves a hybrid approach of remote and in-person governance.
Diligent Institute interviewed corporate directors from around the world to better understand the evolution to virtual governance and determine what the future might hold. In our research, we sought answers to such questions as:
- How smooth was the transition to virtual governance?
- How have directors adapted to virtual governance over time?
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