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Dec 11, 2020 / 15:42

Covid-19 shapes new trend for corporate governance

In a new business world, it is no longer that ”big fish eat little fish”, but “first come first serve”, stated an expert.

The Covid-19 pandemic, despite being a significant factor leading to a global economic recession, is the catalyst to accelerate the digitalization process of both the corporate governance and business of enterprises.

 Overview of the event. Photo: Enternews. 

“In a difficult year amid Covid, the world is flatter than ever,” Director of the Institute of Certified management Accountants – CMA Australia Phan Long said at a forum discussing new trend of corporate governance in a new development stage on December 10.

“Despite travel restriction as countries turn to lockdown or social distancing measures, more and more businesses are now being taken online to serve the needs of customers,” he noted, adding that this leads to significant change in corporate governance model towards a digitalized one, from market studies, R&D to making business deals.

Under this context, firms are now simplifying their organizational structure as the top leaders could now directly contact   their field staff, in turn cutting short the decision-making process, stated Mr. Long.

“In a new business world, it is no longer that the big fish eat the little fish, but “first come first serve”,” he asserted.

“Companies should quickly change their way of operation to better adapt to a new normalcy, with the priority now to serve customers’ needs in the fastest way possible and of the best quality.”

Echoing Mr. Long’s view, Editor-in-Cheif of Enternews newspaper Pham Ngoc Tuan said the Covid-19 pandemic is accelerating a substantial change in social and business structures.

Mr. Tuan referred to a bank that is now capable of providing services for hundreds of customers and receiving feedback from its headquarter in Hanoi at the same time.

“Not only the world is flat, but we now have flat families and enterprises with hyper speed connection,” he said.