COVID-19: A Practical Checklist for Boards of Directors Managing in Times of Crisis from Barnes & Thornburg LLP

As the COVID-19 pandemic continues to create economic havoc across the globe, boards of directors have a critical role to play in ensuring that their companies address the risks and uncertainties in a prudent manner. Also, boards need to be aware of the rules that apply where there is a potential for insolvency resulting from the economic dislocations and lack of liquidity.

As part its webinar series, Barnes & Thornburg, one of our partner organizations, has provided practical steps boards should consider in responding to the current crisis.

The program discussed the following topics:

  • A refresher on fiduciary duties
  • Business judgment in times of extraordinary crisis
  • Personal liability when things go wrong
  • Determining if the company is insolvent or in the zone of insolvency – and why it matters
  • The restart: Should the board be concerned about the company’s systems and reporting processes relating to COVID-19?
  • Is a COVID-19 special committee advisable?
  • COVID-19 public reporting and other disclosure obligations
  • Evaluating the risk and rewards of distressed acquisition opportunities
  • Do black swan events like COVID-19 affect the board’s analysis of adequate reserves?
  • Preserving the privilege among corporate affiliates in times of crisis

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