Corporate Governance Challenges in the COVID-19 Crisis

Findings from a Survey of US Public Companies

US public companies have needed to adjust their governance practices to respond to the unprecedented challenges of the COVID-19 pandemic. This report discusses how they have responded and provides insights for what’s ahead. 

The report is based on a 21-question survey conducted between April 9 and May 8, 2020, by The Conference Board, Debevoise & Plimpton, and Russell Reynolds Associates of general counsel, corporate secretaries, and investor relations officers at corporations registered with the US Securities and Exchange Commission (SEC). In total, 236 corporations from different business sectors and of different sizes participated in the survey. 

Survey findings were analyzed by the 11 business sectors of the Global Industry Classification Standard (GICS) and three company size groups: small companies (with annual revenue under $1 billion), mid-sized companies (reporting revenue between $1 billion and $9.9 billion), and large companies (with annual turnover exceeding $10 billion). The size of the participating companies in the financial services and real estate sectors was also separately analyzed by the reported value of their assets.