Corporate governance practices and the pandemic crisis: UK evidence

Abstract

Purpose This paper aims to investigate the impact of the COVID-19 pandemic on the corporate governance practices in the UK. The authors adopt a case study approach and use content analysis, using internal and external media releases as well as annual reports to analyse the impact of the pandemic on governance practices. Design/methodology/approach The research design is qualitative in nature and adopts a case study approach. HSBC, an international bank, is used as the case study and a content analysis of internal and external information released after the COVID-19 outbreak is used. Themes arising from the analysis are discussed and recommendations are made. Findings Results from the thematic analysis show that firms must be resilient in difficult times, follow sustainable practices and are attentive to the well-being of their employees. Firms must address the adequacy of IT Infrastructure and assess the IT related risks during these times. Practical implications The pandemic crisis triggered unprecedented changes in the manner the firms are governed and managed. The recommendations made by the study have practical implications for firms who can adopt them to be make the business resilient and sustainable. Originality/value To the best of the authors’ knowledge, this is the first study to explore the impact of the pandemic and analyse firms’ responses to the crisis in the corporate governance context. This study contributes to the corporate governance literature by providing insights of the impact of the COVID-19 pandemic.