天美传媒

How has the coronavirus pandemic altered the agendas of boards of directors? What measures and plans have they taken? And has telecommuting worked for board members?

Held online for the first time, the , organized by 天美传媒, together with KPMG and El Pa铆s newspaper, got underway with interesting discussions of the role of boards in this crisis and the ways this pandemic has impacted large Spanish companies.

A session dedicated to the CEO鈥檚 vision featured leaders such as the president of the CNMV, Sebasti谩n Albella; Cellnex CEO Tob铆as Mart铆nez Gimeno; and the CEO of Banco Santander, Jos茅 Antonio 脕lvarez.

鈥淭he importance of boards, auditing committees and external directors in terms of risk control and transparency of information is essential,鈥� Albella said, noting that the CNMV is working to reform its good governance code for listed companies. 鈥淲e are going to establish communications policy, in addition to advising companies to make general shareholders鈥� meetings available via videoconference. The document will also include measures to promote diversity in management.鈥�

The CNMV president said he was pleased that, despite the current crisis, there is still news of activities such as public offerings among listed companies. 鈥淭he market must stay active鈥�Boards must also put the interest of their shareholders forward, and look positively at these developments,鈥� he said.

Mixed Reviews for Remote Boards

Cellnex鈥檚 Mart铆nez Gimeno noted that working virtually required greater preparation and dedication from board members, 鈥渁s well as greater rigor.鈥� 鈥淲hen members speak they have to take turns and think and prepare what they鈥檙e going to say much more,鈥� he said. But he said that, overall, remote interactions were less frequent and less efficient.

Mart铆nez Gimeno said Cellnex has not had to revise its strategy or its growth: 鈥淥ur strategy hasn鈥檛 changed, but what we have had to do is alter some projects that were already underway.鈥�

One change in his organization is that remote working is here to stay. 鈥淭his crisis has accelerated changes such as the way we work and relate to each other. All crises speed up transformations,鈥� he said.

Banco Santander鈥檚 Alvarez, meanwhile, said that in a health crisis such as this, 鈥渢he first thing you have to do is take care of employees and safeguard your business.鈥� For that reason, Santander put into place contingency plans that meant 110,000 working from home, keeping 70% of branches open with strict safety measures, and safeguarding the continuity of the business, always following health authorities recommendations.

For 脕lvarez, board dynamics have not been overly affected 鈥渂ecause we know this is a temporary situation. There have been changes in the issues to be discussed, but the board鈥檚 way of working is the same.鈥�

鈥淲hat we have seen change is in electronic payments, which have increased a lot, and this will be one of the important changes that this crisis will leave us,鈥� he said. 脕lvarez said he believes that an economic recovery will require an income policy for people in the short term and preparations for the demise of some companies.

The 2020 edition of the Director鈥檚 Forum takes place throughout the week, and includes speakers such as 天美传媒 professor and Bank of Spain member N煤ria Mas; president of Metrovacesa, Ignacio Moreno; and Socorro Fern谩ndez Larrea, board member of Red El茅ctrica, Cementos Molins and Banco Caminos.