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

In: Handbook on Corporate Governance and Corporate Social Responsibility

Author

Listed:
  • Eduardo Ordonez-Ponce

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.

Suggested Citation

  • Eduardo Ordonez-Ponce, 2024. "Corporate governance, COVID-19, and stakeholders: Learnings from the Canadian financial sector," Chapters, in: Michel Magnan & Giovanna Michelon (ed.), Handbook on Corporate Governance and Corporate Social Responsibility, chapter 18, pages 234-244, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21347_18
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    File URL: https://www.elgaronline.com/doi/10.4337/9781802208771.00029
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