Corporate governance, COVID-19, and stakeholders: Learnings from the Canadian financial sector

Eduardo Ordonez-Ponce

Chapter 18 in Handbook on Corporate Governance and Corporate Social Responsibility, 2024, pp 234-244 from Edward Elgar Publishing

Abstract: Boards’ can play a critical role in times of crisis when varied stakeholders expect corporations to implement long-term strategies for society’s benefit. In this regard, the COVID-19 pandemic challenged organizations and forced their boards to be alert and diligent in navigating the crisis. This chapter analyzes the response to the pandemic by the Canadian financial sector with respect to its various stakeholders. Using a corporate social responsiveness approach, it appears that Canadian financial institutions overall performed poorly in this respect, with changing and unclear strategies towards supporting their external and internal stakeholders. More importantly, relying on research investigating this concern, the chapter concludes that the financial sector does not seem to be well-equipped to face future crises, a crucial task for boards to consider when thinking about the future of their organizations and the role they should play in society.

Keywords: Business and Management; Economics and Finance; Environment; Politics and Public Policy General Academic Interest; Sustainable Development Goals (search for similar items in EconPapers)
Date: 2024
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