Directors must have a plan in place for one of their most important duties: choosing the next CEO.

On Hayward’s watch, we saw 24/7 outrage, botched press conferences and a sense of ineptitude accompanied by a massive drop in shareholder value. Dudley, in contrast, put his head down, worked well with all parties involved in the spill, and along the way killed the well.

A terrible accident made Bob Dudley CEO, but don’t bet on him staying as CEO when the waters finally run clear in the Gulf of Mexico.

Progressive companies seize the opportunity to “lead by example,” promoting the key corporate governance tenets and principles that will help restore investor confidence. The starting point for this leadership is with the board of directors. And, what is still needed is a common forum that brings together the best ideas, innovative practices and new approaches in a non-threatening environment that encourages collaboration and action across boardrooms.

After a tumultuous decade of burst bubbles, a global financial crisis and a marked decline in institutional trust, what will the new decade hold for the future of capitalism and economic growth?