Roundtable Discussion: The Changing Relationship Between the Board and Management: Corporate leaders share their experiences guiding CEOs through crisis.

• Position: THE CHARACTER OF THE CORPORATION

The Character of the Corporation forum drew some of the most influential corporate directors and thought leaders in the country. The event presented the opportunity for attendees to share with their peers lessons learned around the topic of the CEO/board relationship and how it changed in 2020 and to share their views on whether the traditional "noses in, fingers out" policy will return after current crises are resolved.

The roundtables were convened under Chatham House rules. No directors or companies are named here, but the following reflects key takeaways from participating board members.

Has your board's relationship with the CEO and senior leaders been more active in 2020? Do you think the line is fuzzier between the board and management now?

"The fuzziness, I think, has been appreciated," one participant said. "At the end of the day, both the board and management are going to be assessed on their performance. We want to be on the same side of the argument. I think [management] is grateful they are not in this by themselves."

One director, a woman of color, said the crises of 2020 made her feel closer to the CEO and her fellow board members. She said a CEO reached out to her to have a frank and welcome discussion about race, equity and social justice.

Directors also noted that a higher frequency of meetings led to shorter sessions that were more efficient and allowed for a deeper dive into information that was provided ahead of the meeting.

How long do you think directors should stay in such close contact with senior management? Or is this closer relationship a permanent change?

Opinions were mixed here. Some directors believe engagement...