Throughout the COVID-19 pandemic, directors of companies across all industry sectors, ranging from small family enterprises to large multinationals, have been working flat out to keep businesses afloat. But as life begins to return to a semblance of normality, what risks will those directors face themselves during the challenging months ahead? We consider some of the key exposures which directors and officers need to keep in mind, and manage, in these uncertain times; where problems might emerge; and how such risks might be mitigated.
As with most things, awareness is key. With a cautious note of optimism, the best protection for those managing businesses is to be aware of the extent, and implications, of the relevant legal obligations and risks, to ensure that decisions and actions are taken having due regard to those obligations and risks, and to establish procedures in advance, to enable issues to be dealt with appropriately and expeditiously as they arise.