Corporate boards across Europe are reacting to the coronavirus pandemic in three ways. For some, it’s business as usual. “Crisis is the business of the CEO; the board does not need to adjust its workings,” the chair of one such board told me. Other boards are going in the opposite direction, becoming very engaged, involving themselves in operations and even making key executive decisions. In the words of the leader of such a board: “When the crisis of this scale strikes—we all become executives.”

I am glad that the most widespread reaction is of a third and healthier variety: Boards adapt their routines to reflect the new reality of extreme uncertainty, increase the frequency of meetings, and change their agendas—but stay away from executive functions. The chair of one such board said: “The essence of our work has not changed—we look after the company’s sustainability, we protect shareholders’ value, we provide oversight to management. At the same time, the intensity and formats of our interactions have been adjusted dramatically.”

What exactly do effective boards need to do to navigate the current crisis? My recent interviews with chairs and directors turned up seven questions that could serve as a guide.

 …