Canada’s Corporate Directors Remain Confident In Their Organizations’ Recovery From COVID-19

A new survey conducted by Environics Research between April 8 and 24, 2020 for the Institute of Corporate Directors reveals that almost all Canadian corporate directors remain confident that their organizations will regain their strength in 2021. The survey results also show that directors are looking beyond COVID-19, and seeing innovation and a path to recovery while being realistic about the challenges ahead.

 

Key findings from the study include:

 

  • Top challenges directors report facing their organizations include maintaining the health and safety of employees, continuing costs with falling revenue, cashflow shortfall, maintaining operations, and loss of donations.
  • Three-quarters of directors (74%) say their boards already had a crisis response plan in place prior to the COVID-19 pandemic; and almost all of those who say their boards had a plan think that it’s been effective.
  • Nearly two-thirds (63%) think they’ll benefit from the federal and provincial aid packages, with two in ten (18%) expecting to receive assistance.
  • Compared to the recovery of their own organizations, a majority of directors think the Canadian economy will take a longer time (more than a year) to recover once this crisis has passed.
  • One-third of directors (34%) think Canada is in a better position to recover quickly compared to other OECD countries, while two-fifths (40%) think it is neither in a better nor in a worse position in this regard.
  • Overall, a majority of Canadian directors express concern about the impact of COVID-19 on the Canadian economy.

Directors are looking beyond COVID-19, and seeing innovation and a path to recovery.

About the Study

The ICD’s Director Lens survey focuses on key political, social and economic issues impacting our organizations and our country. These surveys inform government decision-makers, and help shape policy conversations in the media and elsewhere.

This survey was conducted by Environics Research with 683 ICD members between April 8 and 24, 2020. A sample of this size produces results that can be considered accurate to within +/3.6 percentage points, 19 times out of 20.

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