The Covid-19 pandemic has accelerated a number of social trends that were already under way globally, of which working from home and retail dislocation are two of the most obvious.
At Fidelio we focus on building better Boards. It’s clear across our clients, regardless of sector and geography, that these major societal and economic changes have significant implications for companies and their Boards. The trend towards a more holistic view of companies and their social role has accelerated, and the focus on Board accountability for employees, as well as the “S” in ESG, has increased dramatically.
Specifically, Boards are tasked with oversight of:
- The physical and mental well-being of employees who are experiencing a new work environment which is proving extremely challenging for many
- Maintaining pre-pandemic momentum towards greater diversity and inclusion with much of the visibility and many of the support networks severely disrupted by new ways of working (an area which is Fidelio is currently exploring with leading Chairs)
- And perhaps most challenging as we enter a period of huge corporate restructuring, how to do right by colleagues facing the harsh reality of redundancy
While the challenges are immense, Boards are not wholly unprepared.
The importance of the employee has been an increasing focus for politicians, regulators and investors in recent years. This has resulted in greater scrutiny, as well as changes to the Corporate Governance Code. Fidelio has supported Boards in interpreting these expectations and implementing the requirements to ensure that the employee voice is indeed heard in the Boardroom.
This Overture explores increasing requirements for Boards to engage with employees; a very different form of employee representation in the German model; and why employee representation matters for Boards tasked with difficult decisions. Please click here to continue reading.