My key learning from Covid was that resilience isn’t primarily a financial metric – it’s a governance one. The companies that navigated the crisis well weren’t necessarily the ones with the strongest balance sheets; they were the ones whose boards had already built genuine trust with management, so decisions could move fast without breaking down into political battles. Crisis exposes exactly how healthy your governance really is, because there’s no time left to fake alignment. Since then, I’ve paid far more attention to how boards behave in calm periods, because that’s what actually determines how they’ll perform under real pressure.