NZ boards advised to learn from overseas mistakes in crisis management

A white paper has found that New Zealand boards are facing many of the same issues and obstacles as their overseas counterparts, with a number of problems originating in the communication field – such as the collapse of the tech-sector backer Silicon Valley Bank.

Titled ‘2023: The Perfect Storm?’ and subtitled ‘23 Habits your Board Should Change in the Era of Polycrisis’, the white paper tips a hat to the buzzword emerging from this year’s World Economic Forum in Davos – Polycrisis.

Polycrisis refers to the rolling maul of global emergencies amid persistent geopolitical and economic instability, and the white paper is designed to help boards plan for and grapple effectively with volatility of all kinds.

The white paper observes there are commonalities in bad or unproductive habits among boards, and New Zealand governance follows similar patterns to boards in overseas markets. The common themes which have emerged globally include:

• Failing to develop or adhere to a coherent strategy
• Trying to declare ‘crisis over’ too early
• Acting without sober preparation and planning
• Letting ego into the boardroom
• Favouring short-term results over long-term objectives

Experts in business and governance across the Americas, Europe, and Asia Pacific regions have shared their observations from various sectors including commercial, government, and NGO, and unanimously recommend that directors must take action to overcome any unfavourable boardroom practices, proactively tackle significant challenges, and enhance their abilities in handling issues and crises.

The white paper, authored by Alexander PR as part of the 50-company Public Relations Global Network (PRGN), offers strategic communication advice to boards around the world on how to navigate and lead through 2023’s choppy waters. 

For Alexander PR Co-Founder Kate Alexander says their goal for the white paper was to collate the best advice from the best people at the intersection of PR and industry about how to deal with real-world problems that that organisations and leaders are preparing for in 2023.

“The circumstances for industry are changing almost by the minute, and we saw there was a need for current, timely advice that takes into account everything people have gone through in the past several years and gives them a reliable crisis and issues playbook to help them through the next phase.“

David Fuscus, President of PRGN and President and CEO of Xenophon Strategies and the 31st President of the Public Relations Global Network says: “With many of our members contributing to the white paper, it has a true global footprint and of-the-minute insights. The hallmarks of the twenty-first century have included destabilising global events that have been sudden and all-encompassing, from 9/11 to the global financial crisis and the Covid pandemic. 

“Alexander PR, which joined our global network in 2022, itself has leaders who have played critical roles in steering companies through all these crises and many others, and this white paper is both a culmination of decades of industry-facing work and an outward-looking guide to the future.”

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