Since the emergence of the COVID-19 pandemic in March, 2020 and the resulting disruption to retail, hospitality and other industries, and the more recent severe disruptions in the international supply chain, many businesses are experiencing severe challenges. And most directors of private companies know that when the company begins to experience financial distress, they need to be especially vigilant to avoid breaching their fiduciary duties of loyalty and care.

When it comes to directors and private companies, we’ve seen the lists:

Private company directors are becoming increasingly aware of the importance of environmental, social and governance matters (ESG) to investors, financing sources and the company’s bottom line. The events of 2020 and 2021 heightened interest in ESG matters for all businesses. If your company thinks of ESG as a narrow, non-core activity that primarily focuses on philanthropy through corporate giving and volunteering – you are likely missing out on great strategic opportunities.

“I don’t need or want a board of directors!” This is the view of many owners of small to medium-sized companies. “I’m doing OK.” If your goal is to make your company more successful, working with a fully functioning board of directors will materially improve your chances for success. Operating as a resource, a coach, a big question decider, a risk manager, and the center of governance, your board can be a valuable asset for your company.