Informal board meetings surge in times of COVID
In order to accelerate the decision-making process, the informal board and committee meetings have increased during the COVID-19 pandemic. In the present situation, the management team meets almost every day and briefs the Board immediately to get their valuable advice in such trying times. For example, in TVS, Budget approvals, senior management appointments, new product planning, and plant restarts are being decided on informal video calls. Since, the directors are staying indoors; it is easier to get them on board for informal meetings.
In the latest survey by Egon Zehnder India, Boards across sectors are meeting more often to discuss business continuity, portfolio/business health, and quality, industry status, insights, and implications of government announcements, among others. It further states that employee health and safety got a lot of attention upfront during the initial phase, but the focus is now shifting to business performance and the way forward.
These informal board meetings are also cost effective, as the organizations do not have to spend on the boarding, lodging, and meal expenses of the directors.
