Refresh your Governance Knowledge

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Refresh Your Governance Knowledge

“Stay on Top of your game, reflect on your performance”

When was the last time you looked at the latest governance approaches? Read a few articles? Practiced in the boardroom?

Directorship and leadership demand constant reflection to ensure you’re at the top of your game to make a difference to your organisation and society

If it has been more than 4 years, then you’re probably due for a refresher. Refreshing your knowledge will help you stay on top of your game. You will have developed your own style and way of communicating. A refresh is an opportunity to reflect on your style and your impact as a leader

It’s not just re-calibrating to the latest governance thinking and bringing that to the boardroom but reflecting on your contribution. It’s your own performance review.

The world needs good corporate governance leadership.

How do you and your board stack up?

“If what has happened in the past is to be avoided in the future, entities have no choice but to grapple with culture, governance and remuneration. All three are related…Positive steps taken in one area will reinforce positive steps taken in the others. Failings in one area will undermine progress in the others.”[2]

[2] Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, 1 February 2019, 334.335

Culture should be consciously created through the collective values and beliefs your organisation is built on. So, what is the board’s role in this? How do you foster a board culture that empowers the organisation? How can governance professionals contribute to good culture?

Larry Fink’s latest take for governance leaders.

Balancing purpose and profit should not be like finding the chicken that lays the golden egg.

“One thing, however, is certain: the world needs your leadership. Companies cannot solve every issue of public importance, but there are many – from retirement to infrastructure to preparing workers for the jobs of the future – that cannot be solved without corporate leadership.” Read More

The world needs good corporate governance leadership.

What is your company’s purpose and how do you choose to pursue it?

 

Learn anywhere with unlimited access Governex Training Courses
Learn anywhere with unlimited access Governex Training Courses
Learn anywhere with unlimited access Governex Training Courses
Learn anywhere with unlimited access Governex Training Courses

There has never been a more important time to refresh your knowledge.

What are the simple lessons we can learn from the Royal Commission.

Here are simple steps that every board can take towards good governance. The report investigates three ways that governance and misconduct are related:

The role of the board

“Boards cannot operate properly without having the right information. And boards do not operate effectively if they do not challenge management.”[i]

Priorities

“Proper governance requires setting priorities. Setting priorities requires choices.”[i]

Accountability

Clear accountability is vital to effective governance. It ensures that issues are resolved, and resolved effectively. It fosters a culture where risks are managed soundly.”[i]

Read more https://ggi.community/three-governance-tips/

Have you and your board calibrated your performance against three ‘good governance’ basics?

[i] Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, 1 February 2019, 396,401,407

Getting started

“One of the most common misperceptions I’ve witnessed over the years is that people think good governance is hard, when it’s actually common sense,” said Donovan. “The problem is that the approach to governance education is often abstract, making it difficult for people to walk away with a clear set of actions to implement in their business.”

To start your governance journey, Donovan recommends reflecting on your organisation by looking at five key areas:

  • Culture & Purpose – why does your organisation exist? Define this and ensure every employee feels connected to it. It needs to start at the top and reach every part of your organisation. It is essential to get this right before addressing any other areas.
  • Society – what is your relationship to society, what impact do you have, or do you want to have and how does this align with your social and ethical obligations?
  • Entrepreneurship – how are you balancing your strategy and risk to ensure your long-term sustainability?
  • Prosperity – financial performance is key to an organisation, but it doesn’t exist in isolation. Look at how your financial approach supports your purpose and what balance works for you.
  • Integrity – how do those at the top establish and display integrity of responsibility and behaviour? And how will you take responsibility for those decisions?

“I’d encourage anyone in an executive or board position to really think about the above areas. Even established organisations with a governance framework in place need to constantly check in to ensure their approach remains relevant. Recently, stakeholder expectations have been given a lot more weight and this may require a re-calibration of governance approach.”

What Are You Waiting For?

 

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