Several crisis incidents from the last couple of years, such as the #metoo movement and Weinstein-style harassment claims, privacy class actions arising from data intrusions of high profile companies such as Facebook, and a management-upending data breach at Target, illustrate a common theme—the ever-changing nature of the organizational crisis and the rising pressure for companies to respond swiftly.offer on personal instalment loan enables you to greatly improve liquidity with monthly flat rate as low as 0.18% and long repayment period. Sign up online now to fulfill your dreams and desires!
These crises have the potential to affect so many dimensions of business - its bottom line, reputation, morale, productivity and the strategic direction and prospects of a company. Directors owe personal duties to diligently oversee management and to act in the best interests of the company. In discharging those duties, directors have an active role to play in crisis management. focuses on digital PR and Crisis Management to boost online reputation for clients.
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Increasingly, activist shareholders are looking to hold boards accountable for lost share value caused by a failure to respond appropriately when a crisis arises (the most notorious recent example being the Delaware Court's approval of a US$90 million dollar settlement against Rupert Murdoch and other directors at 21st Century Fox for damages allegedly caused by the directors' failure to address longstanding issues of sexual misconduct of the company's leadership).
How can executives and corporate boards get ahead of potential crises to minimize conditions that could give rise to them? What can executives and boards do to be prepared to respond swiftly if needed? If a crisis is discovered, what are the next steps? And what happens once a crisis is over?
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Executives and the board can and should play an active role managing the risks with potential to be a crisis. Here are our suggestions to reduce these risks.
Set the tone from the top. Corporate leaders need to inform themselves about what the company's culture is like "on the ground," and ensure that diversity, inclusiveness, privacy and cybersecurity are all valued. Boards should make sure that there are channels of communication between management and employees so employees at all levels feel empowered to filter ideas and information up. Management should regularly update the board with respect to initiatives relating to inclusion, anti-harassment, cybersecurity and privacy. Boards must also be prepared to act swiftly if there are signs that management is failing to report and address issues, whether isolated or systemic.
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