The future of the governance professional is
right here and now. The world of the governance
professional is changing faster than ever before.
Boards are increasingly under the microscope
from regulators, investors, proxy advisers, staff,
customers and activists. Social media also gives
every stakeholder a voice.
This scrutiny escalated following the Royal
Commission into Misconduct in the Banking,
Superannuation and Financial Services Industry
and the lessons learned have relevance to all
Australian organisations, not only banks and
insurers.
The pressures of operating in the face of growing
complexity and uncertainty are being felt across
Australia’s boardrooms, raising the importance
of governance professionals’ input and
strengthening their valued ‘trusted adviser’ status
within every organisation.
This report attempts to understand why
governance professionals’ roles are shifting,
what future skills they require, and the resources
and support they will need from their executive
leaders. As Australia’s largest dedicated
governance association, we too will use this
research to support our members with the
most relevant and up-to-date professional
development, courses, events, networks
and resources.
The future is hard to predict. I hope this report will
fuel further debate on what the future will look
like, how governance professionals can futureproof
themselves and ensure they continue
adding value to the board and their organisation.
The document summarizes an ICSA Ireland conference that took place on May 24, 2016. It discusses ICSA celebrating its 125th anniversary in October and its goal of being the leading provider of governance products and services. It also promotes increasing ICSA's public profile and positioning itself for the future. Several speakers are listed including Conor Ryan, Chair of ICSA Ireland Branch, and presentations on cyber security and managing risk and reputation.
This document discusses the need for a standard to guide directors and boards on their health and safety responsibilities. It notes that while directors believe they prioritize safety, the reality on the ground is often different, leading to accidents. A standard is needed to define the roles of boards, non-executives, and executives in planning for safety, overseeing execution, monitoring performance, and being accountable. The standard would align visions, assist with implementing safety standards, and provide assurance to stakeholders. Developing and socializing such a standard could improve safety cultures and performance.
The document discusses using social impact measurement tools to evaluate nonprofit organizations. It describes tools developed by Family Service Agency of San Francisco and Children's Aid Society to measure social outcomes. CIRCE allows FSA to track client progress, fulfill contracts, and ensure financial sustainability. CMIS allows Children's Aid Society to manage comprehensive data on participants' program engagement across sites to improve performance. Both tools demonstrate the value of services and impact through data-driven evaluation.
Top companies focus on building leadership through a full spectrum of assessments, development programs, and succession planning aligned with business strategy and culture. They develop self-aware leaders who can build resilience in others. Engaging leadership is focused on purpose, authenticity, and connectivity. Sustainable leadership programs are integrated with organizational culture and drive accountability for growth and performance.
This document provides information about the 16th Annual Advanced Administrative Law & Practice conference taking place on October 25-26, 2016 in Ottawa. The conference will provide essential professional development for counsel and decision makers, with highlights including an overview of the year's top administrative law decisions, updates on standard of review and ethics for tribunals. The faculty includes experienced practitioners who will guide participants through changes in administrative law and help adapt their practice.
This document provides an overview of integrated reporting (<IR>) and the role of audit committees. It discusses the benefits of <IR> in providing a holistic view of an organization's strategy, governance, performance and prospects. The International Integrated Reporting Council developed a framework to guide organizations in better demonstrating links between these areas. The document advises that audit committees should examine non-financial information and ask management questions to understand the organization's <IR> journey and address challenges in reliability, credibility and assurance of reporting.
The document discusses recent changes in sustainability and ESG reporting standards. It notes that organizations are working to develop comprehensive and consistent global standards to increase transparency and comparability. Initiatives are underway to merge existing standards and develop a unified framework for sustainability reporting. Stakeholders are calling for standardized metrics and disclosures to better measure performance and contributions to sustainable development goals.
The document discusses opportunities and challenges for Indian professional services in a globalized world. It argues that threats from other countries opening their markets can be turned into opportunities by leveraging India's strengths in areas like knowledge, infrastructure, and capital. The document envisions Indian professional groups like CS, CA, and lawyers collaborating to create multinational firms that can provide a wide range of expertise globally. By 2015, it predicts global standards for fields like business law, accounting, and governance. It outlines ICSI's strategy to prepare Indian professionals for leadership roles in a globalized future through initiatives like opening overseas chapters and collaborating with other professional institutes.
The document summarizes an ICSA Ireland conference that took place on May 24, 2016. It discusses ICSA celebrating its 125th anniversary in October and its goal of being the leading provider of governance products and services. It also promotes increasing ICSA's public profile and positioning itself for the future. Several speakers are listed including Conor Ryan, Chair of ICSA Ireland Branch, and presentations on cyber security and managing risk and reputation.
This document discusses the need for a standard to guide directors and boards on their health and safety responsibilities. It notes that while directors believe they prioritize safety, the reality on the ground is often different, leading to accidents. A standard is needed to define the roles of boards, non-executives, and executives in planning for safety, overseeing execution, monitoring performance, and being accountable. The standard would align visions, assist with implementing safety standards, and provide assurance to stakeholders. Developing and socializing such a standard could improve safety cultures and performance.
The document discusses using social impact measurement tools to evaluate nonprofit organizations. It describes tools developed by Family Service Agency of San Francisco and Children's Aid Society to measure social outcomes. CIRCE allows FSA to track client progress, fulfill contracts, and ensure financial sustainability. CMIS allows Children's Aid Society to manage comprehensive data on participants' program engagement across sites to improve performance. Both tools demonstrate the value of services and impact through data-driven evaluation.
Top companies focus on building leadership through a full spectrum of assessments, development programs, and succession planning aligned with business strategy and culture. They develop self-aware leaders who can build resilience in others. Engaging leadership is focused on purpose, authenticity, and connectivity. Sustainable leadership programs are integrated with organizational culture and drive accountability for growth and performance.
This document provides information about the 16th Annual Advanced Administrative Law & Practice conference taking place on October 25-26, 2016 in Ottawa. The conference will provide essential professional development for counsel and decision makers, with highlights including an overview of the year's top administrative law decisions, updates on standard of review and ethics for tribunals. The faculty includes experienced practitioners who will guide participants through changes in administrative law and help adapt their practice.
This document provides an overview of integrated reporting (<IR>) and the role of audit committees. It discusses the benefits of <IR> in providing a holistic view of an organization's strategy, governance, performance and prospects. The International Integrated Reporting Council developed a framework to guide organizations in better demonstrating links between these areas. The document advises that audit committees should examine non-financial information and ask management questions to understand the organization's <IR> journey and address challenges in reliability, credibility and assurance of reporting.
The document discusses recent changes in sustainability and ESG reporting standards. It notes that organizations are working to develop comprehensive and consistent global standards to increase transparency and comparability. Initiatives are underway to merge existing standards and develop a unified framework for sustainability reporting. Stakeholders are calling for standardized metrics and disclosures to better measure performance and contributions to sustainable development goals.
The document discusses opportunities and challenges for Indian professional services in a globalized world. It argues that threats from other countries opening their markets can be turned into opportunities by leveraging India's strengths in areas like knowledge, infrastructure, and capital. The document envisions Indian professional groups like CS, CA, and lawyers collaborating to create multinational firms that can provide a wide range of expertise globally. By 2015, it predicts global standards for fields like business law, accounting, and governance. It outlines ICSI's strategy to prepare Indian professionals for leadership roles in a globalized future through initiatives like opening overseas chapters and collaborating with other professional institutes.
Role of Professionals In Providing Total Compliance SolutionsPavan Kumar Vijay
The document discusses the roles and responsibilities of professionals in ensuring compliance and good governance. It notes that every opportunity creates an obligation and duty. Compliance of rules and regulations corresponds to good corporate governance. However, management often fails to prioritize compliance and ethics. Only strict adherence to good governance through an effective compliance management system can sustain long-term success, as shown by examples of companies that prioritized compliance versus those that did not. Professionals must understand different company structures, scales of operations, industries, and departments to effectively design and implement compliance systems that establish strong foundations of governance.
The document summarizes an ICSA Technology Conference focused on cyber security that was held on Friday, November 4, 2017. The conference included chair remarks, discussions on building business confidence in cyber security, the evolving cyber threat landscape, ransomware and cyber extortion, and how to respond to a cyber security breach. Speakers addressed questions organizations have about current cyber risk levels and how to understand and address cyber threats through practical measures.
Report from Nordic Board Leadership webinar March 22, 2021BoardsImpactForum
Summary report of the kick-off webinar Nordic Board Leadership for Boards Impact Forum, the Nordic Chapter of the Climate Governance Initiative in collaboration with World Economic Forum
The annual report summarizes the Arizona Technology Council's activities and accomplishments in 2014. It focused on advancing Arizona's technology industry through connecting members, advocating pro-business policies, and helping members grow their companies. Key events included successfully lobbying against an anti-LGBT bill, hosting legislative forums, and a trip to advocate at the federal level. The council aims to create the future for technology in Arizona by serving over 800 member organizations.
The document discusses maintaining safety standards under difficult economic circumstances in the public sector. It notes that public sectors face 25% funding cuts totaling £81 billion. The presentation advocates for taking a less risk-averse, more business-focused approach to health and safety that provides managers with needed information and focuses on meaningful risks. It promotes active partnership between safety professionals and managers and taking a systems view of the organization to have the greatest leverage in creating change.
Board diversity as positive factor for better corporateJamal Sait
The document discusses the benefits of having a diverse board of directors in terms of gender, age, and other factors. It notes that diversity can provide different perspectives and access to new resources and connections. Countries like Norway, France, and India have introduced quotas or requirements for having women on corporate boards to promote gender diversity. While diversity has advantages, it can also potentially lead to conflicts or slower decision-making if not managed properly. The conclusion emphasizes the importance of an inclusive leadership style that encourages contributions from all board members.
The document discusses corporate governance, defining it as the culture of managing a corporate entity through accountability, transparency, disclosure and social responsibility. It notes how corporate governance involves adopting best practices to benefit all stakeholders. Several elements of corporate governance are listed, including disclosure, transparency, accountability and social responsibility. The document also outlines codes and committees established in different countries after corporate scandals to improve governance standards and compliance.
Measuring, Managing & Reporting - Public Agency Activity Jan 2013Mike Wallace
This document summarizes a presentation on measuring, managing, and reporting sustainability given by representatives from various public agencies. It discusses terminology related to sustainability reporting, provides an overview of the Global Reporting Initiative including its vision, mission, and reporting guidelines and elements. Specific examples are given of two locations, Fall River and Dartmouth, that produced sustainability reports guided by GRI's framework.
IIRSM UAE Branch Quarterly Newsletter Apr - Jun 2018Daryl Wake
The newsletter provides updates on the activities of the IIRSM UAE Branch from April to June 2018. It discusses the commitment of committee members to raising risk management standards in the region. It announces an upcoming annual symposium on industrial safety challenges. Finally, it features a discussion of the new ISO 45001 standard for occupational health and safety management systems.
Presentation at the NCVO Annual Conference 2011.
Good governance: leading through change (workshop)
See the presentation in context here:
http://www.ncvo-vol.org.uk/networking-discussions/blogs/20591/11/02/01/good-governance-leading-through-change
The document discusses various aspects of the Vistage executive coaching program, including group meetings, expert speakers, online resources, and one-on-one coaching sessions. The purpose of Vistage is to help business leaders improve their skills and make better decisions to achieve business success through networking, peer advice, and access to expertise.
Common Problems Encountered by Selected Cooperatives in Cabanatuan City: Basi...IJAEMSJORNAL
This study aims to determine the common problems encountered by selected cooperatives in Cabanatuan City. The researcher used the descriptive research method in this study. The study revealed that the majority of the respondents are 41-50 years old, married and most of them were from Kalikid and Aduas Cabanatuan City. Members’ trust to the cooperatives was the top problem that challenges the operations and management of the cooperatives.
This document introduces the EA Doctrine Signing, which establishes principles and values for the EA practice and profession. It is meant to symbolize consistency and guide EA practitioners.
The document explains that the EA Doctrine Signing was developed by a core team over 6 months to reduce inconsistency in EA and strengthen the practice. It is not affiliated with any particular organization. Signing the doctrine is presented as an opportunity to unify and improve the sustainability of the EA profession.
The document concludes by inviting the audience to join in signing the EA Doctrine as a way to create a tipping point and collaborative for the emerging EA profession.
Diversity in the boardroom domestic and international perspectivesKevin Carter
This document summarizes a webcast on diversity in corporate boardrooms from domestic and international perspectives. It discusses quotas for gender diversity on boards in various countries. Key findings include the percentage of women on boards ranging from 3.4-34.3% across countries. It also reviews a study finding 18% of US board positions and 8% of top executive positions held by women, with lower percentages for minorities. The document outlines SEC disclosure requirements on board diversity policies and considerations for companies on overseeing diversity.
The fitness sector is adapting to changing consumer demands by offering more flexible and personalized services like 24-hour gyms and group personal training. Fitness training is increasingly taking place outdoors, requiring new skills in areas like risk assessment, environmental protection, and legal compliance. Technology is also becoming more important, with some trainers offering online sessions, so understanding technology is now essential for the profession. The sector must work with other industries to develop these new skills.
Business Ethics and Corporate Governance - White PaperDavid Mallard
Ethics and Culture in organisations: 53% of C-suite executives think their boards are out of touch in understanding the ethical issues facing their business. Its reasonable to suggest that companies aim to develop an organisational culture that is self-policing and that positively encourages concerns about ethical behaviour to be raised at all levels and in all locations.A White paper written by colleague Dr Attracta Lagan for the ICAA.
CPA Congress Sydney 2015 - Day One Wrap UpCPA Australia
The summaries provided 3 sentences or less on the key information from each document:
The NSW Treasurer discussed the state's strong budget and economy due to fiscal discipline. The budget highlights infrastructure investment, job creation, and health and education services. Revenue comes from the federal government, stamp duties, and payroll tax.
CPA Australia's chief executive discussed the organization's vision to be the best member services organization. The approach involves global governance, regulating technology, and reclaiming the financial services space. The strategy is to widen audiences and personalize the brand through disruption, integration, communication and entertainment.
A Sydney Water executive outlined how measuring the value finance adds helped transform relationships. It established clear purposes for value
The document discusses the evolution and increasing prevalence of advisory boards. It notes that advisory boards are becoming more common as companies seek to manage risk, identify opportunities, and build resilience in complex environments. Advisory boards provide independent expert advice on issues like sustainability, stakeholder expectations, and societal issues. The document analyzes 150 large European companies and finds that two-thirds have advisory boards, which on average consist of 7 members and meet 2-4 times per year. It identifies three common phases in the development of advisory boards: starting as internal committees, then focusing on specific issues, and ultimately evolving into broader advisory boards. External perspectives provided see advisory boards as valuable if they have good representation, influence senior levels, have a clear mandate,
The document discusses the evolution and increasing prevalence of advisory boards. It notes that advisory boards are becoming more common as companies seek to manage risk, identify opportunities, and build resilience in complex environments. Advisory boards provide independent expert advice on issues like sustainability, stakeholder expectations, and societal issues. The document analyzes 150 large European companies and finds that two-thirds have advisory boards, which on average consist of 7 members and meet 2-4 times per year. It identifies three common phases in the development of advisory boards: starting as internal committees, then focusing on specific issues, and ultimately evolving into mature advisory boards that address a wide range of strategic themes. Experts provide perspectives on how advisory boards can effectively influence companies when they have
This document discusses international standards and practices around corporate transparency. It covers topics like the OECD principles of corporate governance, integrated reporting frameworks, EU directives on transparency, the Dodd-Frank Act, and the Extractive Industries Transparency Initiative. It also discusses transparency initiatives around anti-money laundering, corporate governance, government transparency, and codes of conduct.
The paper 'Why business ethics matter to your bottom line' looks at the need for businesses to build institutional integrity into an organisation to support employees in making ethical choices.
Role of Professionals In Providing Total Compliance SolutionsPavan Kumar Vijay
The document discusses the roles and responsibilities of professionals in ensuring compliance and good governance. It notes that every opportunity creates an obligation and duty. Compliance of rules and regulations corresponds to good corporate governance. However, management often fails to prioritize compliance and ethics. Only strict adherence to good governance through an effective compliance management system can sustain long-term success, as shown by examples of companies that prioritized compliance versus those that did not. Professionals must understand different company structures, scales of operations, industries, and departments to effectively design and implement compliance systems that establish strong foundations of governance.
The document summarizes an ICSA Technology Conference focused on cyber security that was held on Friday, November 4, 2017. The conference included chair remarks, discussions on building business confidence in cyber security, the evolving cyber threat landscape, ransomware and cyber extortion, and how to respond to a cyber security breach. Speakers addressed questions organizations have about current cyber risk levels and how to understand and address cyber threats through practical measures.
Report from Nordic Board Leadership webinar March 22, 2021BoardsImpactForum
Summary report of the kick-off webinar Nordic Board Leadership for Boards Impact Forum, the Nordic Chapter of the Climate Governance Initiative in collaboration with World Economic Forum
The annual report summarizes the Arizona Technology Council's activities and accomplishments in 2014. It focused on advancing Arizona's technology industry through connecting members, advocating pro-business policies, and helping members grow their companies. Key events included successfully lobbying against an anti-LGBT bill, hosting legislative forums, and a trip to advocate at the federal level. The council aims to create the future for technology in Arizona by serving over 800 member organizations.
The document discusses maintaining safety standards under difficult economic circumstances in the public sector. It notes that public sectors face 25% funding cuts totaling £81 billion. The presentation advocates for taking a less risk-averse, more business-focused approach to health and safety that provides managers with needed information and focuses on meaningful risks. It promotes active partnership between safety professionals and managers and taking a systems view of the organization to have the greatest leverage in creating change.
Board diversity as positive factor for better corporateJamal Sait
The document discusses the benefits of having a diverse board of directors in terms of gender, age, and other factors. It notes that diversity can provide different perspectives and access to new resources and connections. Countries like Norway, France, and India have introduced quotas or requirements for having women on corporate boards to promote gender diversity. While diversity has advantages, it can also potentially lead to conflicts or slower decision-making if not managed properly. The conclusion emphasizes the importance of an inclusive leadership style that encourages contributions from all board members.
The document discusses corporate governance, defining it as the culture of managing a corporate entity through accountability, transparency, disclosure and social responsibility. It notes how corporate governance involves adopting best practices to benefit all stakeholders. Several elements of corporate governance are listed, including disclosure, transparency, accountability and social responsibility. The document also outlines codes and committees established in different countries after corporate scandals to improve governance standards and compliance.
Measuring, Managing & Reporting - Public Agency Activity Jan 2013Mike Wallace
This document summarizes a presentation on measuring, managing, and reporting sustainability given by representatives from various public agencies. It discusses terminology related to sustainability reporting, provides an overview of the Global Reporting Initiative including its vision, mission, and reporting guidelines and elements. Specific examples are given of two locations, Fall River and Dartmouth, that produced sustainability reports guided by GRI's framework.
IIRSM UAE Branch Quarterly Newsletter Apr - Jun 2018Daryl Wake
The newsletter provides updates on the activities of the IIRSM UAE Branch from April to June 2018. It discusses the commitment of committee members to raising risk management standards in the region. It announces an upcoming annual symposium on industrial safety challenges. Finally, it features a discussion of the new ISO 45001 standard for occupational health and safety management systems.
Presentation at the NCVO Annual Conference 2011.
Good governance: leading through change (workshop)
See the presentation in context here:
http://www.ncvo-vol.org.uk/networking-discussions/blogs/20591/11/02/01/good-governance-leading-through-change
The document discusses various aspects of the Vistage executive coaching program, including group meetings, expert speakers, online resources, and one-on-one coaching sessions. The purpose of Vistage is to help business leaders improve their skills and make better decisions to achieve business success through networking, peer advice, and access to expertise.
Common Problems Encountered by Selected Cooperatives in Cabanatuan City: Basi...IJAEMSJORNAL
This study aims to determine the common problems encountered by selected cooperatives in Cabanatuan City. The researcher used the descriptive research method in this study. The study revealed that the majority of the respondents are 41-50 years old, married and most of them were from Kalikid and Aduas Cabanatuan City. Members’ trust to the cooperatives was the top problem that challenges the operations and management of the cooperatives.
This document introduces the EA Doctrine Signing, which establishes principles and values for the EA practice and profession. It is meant to symbolize consistency and guide EA practitioners.
The document explains that the EA Doctrine Signing was developed by a core team over 6 months to reduce inconsistency in EA and strengthen the practice. It is not affiliated with any particular organization. Signing the doctrine is presented as an opportunity to unify and improve the sustainability of the EA profession.
The document concludes by inviting the audience to join in signing the EA Doctrine as a way to create a tipping point and collaborative for the emerging EA profession.
Diversity in the boardroom domestic and international perspectivesKevin Carter
This document summarizes a webcast on diversity in corporate boardrooms from domestic and international perspectives. It discusses quotas for gender diversity on boards in various countries. Key findings include the percentage of women on boards ranging from 3.4-34.3% across countries. It also reviews a study finding 18% of US board positions and 8% of top executive positions held by women, with lower percentages for minorities. The document outlines SEC disclosure requirements on board diversity policies and considerations for companies on overseeing diversity.
The fitness sector is adapting to changing consumer demands by offering more flexible and personalized services like 24-hour gyms and group personal training. Fitness training is increasingly taking place outdoors, requiring new skills in areas like risk assessment, environmental protection, and legal compliance. Technology is also becoming more important, with some trainers offering online sessions, so understanding technology is now essential for the profession. The sector must work with other industries to develop these new skills.
Business Ethics and Corporate Governance - White PaperDavid Mallard
Ethics and Culture in organisations: 53% of C-suite executives think their boards are out of touch in understanding the ethical issues facing their business. Its reasonable to suggest that companies aim to develop an organisational culture that is self-policing and that positively encourages concerns about ethical behaviour to be raised at all levels and in all locations.A White paper written by colleague Dr Attracta Lagan for the ICAA.
CPA Congress Sydney 2015 - Day One Wrap UpCPA Australia
The summaries provided 3 sentences or less on the key information from each document:
The NSW Treasurer discussed the state's strong budget and economy due to fiscal discipline. The budget highlights infrastructure investment, job creation, and health and education services. Revenue comes from the federal government, stamp duties, and payroll tax.
CPA Australia's chief executive discussed the organization's vision to be the best member services organization. The approach involves global governance, regulating technology, and reclaiming the financial services space. The strategy is to widen audiences and personalize the brand through disruption, integration, communication and entertainment.
A Sydney Water executive outlined how measuring the value finance adds helped transform relationships. It established clear purposes for value
The document discusses the evolution and increasing prevalence of advisory boards. It notes that advisory boards are becoming more common as companies seek to manage risk, identify opportunities, and build resilience in complex environments. Advisory boards provide independent expert advice on issues like sustainability, stakeholder expectations, and societal issues. The document analyzes 150 large European companies and finds that two-thirds have advisory boards, which on average consist of 7 members and meet 2-4 times per year. It identifies three common phases in the development of advisory boards: starting as internal committees, then focusing on specific issues, and ultimately evolving into broader advisory boards. External perspectives provided see advisory boards as valuable if they have good representation, influence senior levels, have a clear mandate,
The document discusses the evolution and increasing prevalence of advisory boards. It notes that advisory boards are becoming more common as companies seek to manage risk, identify opportunities, and build resilience in complex environments. Advisory boards provide independent expert advice on issues like sustainability, stakeholder expectations, and societal issues. The document analyzes 150 large European companies and finds that two-thirds have advisory boards, which on average consist of 7 members and meet 2-4 times per year. It identifies three common phases in the development of advisory boards: starting as internal committees, then focusing on specific issues, and ultimately evolving into mature advisory boards that address a wide range of strategic themes. Experts provide perspectives on how advisory boards can effectively influence companies when they have
This document discusses international standards and practices around corporate transparency. It covers topics like the OECD principles of corporate governance, integrated reporting frameworks, EU directives on transparency, the Dodd-Frank Act, and the Extractive Industries Transparency Initiative. It also discusses transparency initiatives around anti-money laundering, corporate governance, government transparency, and codes of conduct.
The paper 'Why business ethics matter to your bottom line' looks at the need for businesses to build institutional integrity into an organisation to support employees in making ethical choices.
Technological advances and the rise of online education offerings, including massive open online courses, are changing the higher education landscape. The Institute’s new academic thought-leadership paper, The Virtual University: Impact on Australian Accounting and Business Education, explores the potential impact of this transformation on business and accounting education.
Governance of outsourcing is important for three key reasons:
1) Outsourcing is a strategic decision that reconfigures an organization's value chain, so it requires strategic governance to ensure benefits are realized.
2) Governance establishes accountability and control, even though service delivery is transferred to a third party.
3) As relationships with service providers become more complex, governance is needed to manage interfaces and ensure expectations of both parties are met.
This document provides governance principles for boards of public sector entities in Australia. It recognizes that a one-size-fits-all approach does not work for public sector governance given the different legal structures of public entities. The principles are designed to promote consistency, cohesiveness, efficiency and community wellbeing while allowing flexibility. They establish recommendations for practices to optimize organizational performance and accountability in the public interest.
This document provides an overview of corporate governance. It defines corporate governance and distinguishes it from corporate management. It describes the importance of corporate governance for companies and investors. It also explains the role of organizations like OECD in developing principles and standards for corporate governance internationally.
This document provides an agenda and information for a conference on measuring and valuing corporate sustainability. The two-day conference will bring together 150 senior professionals from large corporations and financial institutions to discuss how companies can better measure and communicate their sustainability performance and impacts. Speakers will include experts from companies like Tullow Oil, Marks & Spencer, Rio Tinto, and sustainability organizations. Topics will include putting monetary values on sustainability, sector-specific measurement approaches, linking sustainability performance to shareholder value, and using sustainability data in investment decisions. The goal is to facilitate candid discussion and help companies strengthen the business case for sustainability.
Australia is known for our ‘fair-go’ approach, but are we still delivering? Are we getting the balance right between risk and return as a nation? future[inc]’s latest thought leadership insight starts the conversation around how much risk we should expect government to regulate, how policy makers can provide equality of opportunity and what impact these decisions are likely to have on growth. This paper is the second in a series looking at the changing nature of policy-making in Australia. Download your copy.
1.Study on Corporate Governance in Indian Banking Sector.docshraddhashukla83
This document provides an overview and analysis of corporate governance practices in the Indian banking sector. It begins with an introduction that outlines some major corporate failures due to poor governance. It then discusses the importance of good governance for banks given their role in the financial system. The document reviews relevant literature on corporate governance definitions, history in India, governance structures in banks, and areas for improvement. It describes the research methodology used and presents analysis of both secondary research and primary interviews. The analysis finds that while governance practices have improved in Indian banks, there is still room for better implementation of principles to minimize fraud and increase transparency.
The document provides context around artificial intelligence (AI) and its application in financial services. It notes that while investment and interest in AI is growing, public discourse is often sensationalized. It also points out that there is no single agreed-upon definition of AI, with experts disagreeing on what constitutes AI. However, when business leaders discuss AI they are typically referring to technologies that enhance capabilities like pattern detection, decision-making, customization and interaction. The document stresses that AI should be understood in the context of related technological developments as emerging technologies are mutually reinforcing.
The document is a page from the website for the Australian CIO Summit, an invitation-only event that brings together leading IT professionals and solution providers. The summit offers a premium forum for discussion on strategies for business efficiency and innovation, as well as opportunities for benchmarking, networking, and gaining access to leading law firms and solution providers. It features expert speakers, presentations on topics like digital strategies, data analytics, and systems architecture. The event aims to provide an intimate environment conducive to knowledge sharing and high-level discussion among CIOs and IT consultants.
The document discusses the importance of aligning IT strategy with business strategy. It notes that a survey found this to be the top issue facing executives. Another study identified ensuring alignment and prioritizing IT investments according to business needs as the most important factors for business success. However, around half of respondents did not have a formal governance process for alignment. The document argues that ultimate responsibility for IT strategy should rest with business leadership, as IT exists to support the business, not as an end in itself. A lack of alignment can lead to higher costs, missed opportunities, and inability to achieve full business potential.
This document summarizes key points from an interview with Sir Winfried Bischoff, Chairman of the Financial Reporting Council, on the topic of corporate culture. Sir Winfried discusses how corporate culture and trust are important for business success and society. He notes that companies need to consider the views of all stakeholders, not just shareholders, and establish a culture that encourages good behavior throughout the organization. Sir Winfried also discusses how companies can define and measure culture using various metrics, and that maintaining a healthy culture requires ongoing effort from boards. The role of the FRC is to promote high quality governance and reporting in the public interest.
This document summarizes the results of a career motivation study conducted with Chartered Accountants aged 40 and under. The study aimed to provide insight into the career expectations, paths, and skill requirements of young professionals in the accounting field. Some of the key findings include:
- Opportunities to learn and develop, career progression, and working for prestigious firms were most important for young professionals early in their careers. The importance of these factors decreases as their careers progress.
- Being well-paid, work-life balance, and flexible work arrangements become increasingly important later in professionals' careers.
- Many young professionals start their careers at one of the Big 4 accounting firms but later move on to large commercial organizations or
Similar to The Future of the Governance Professional August 2019 (20)
This document provides an introductory guide for directors on climate risk governance. It begins with an overview of key climate change concepts, including the physical and economic risks posed by climate change and how it impacts most industries. It then discusses how directors can start their board's climate change journey by understanding their duties, assessing risks and opportunities, and examining governance structures and stakeholder expectations. The guide provides questions for boards to consider around climate governance, strategy, and risk oversight. It also reviews litigation risks and regulatory expectations for companies to address climate change.
Australian Bushfire
and Climate Plan
Final report of the National Bushfire and Climate Summit 2020
The severity and scale of Australian bushfires
is escalating
Australia’s Black Summer fires over 2019 and 2020
were unprecedented in scale and levels of destruction.
Fuelled by climate change, the hottest and driest year
ever recorded resulted in fires that burned through land
two-and-a-half times the size of Tasmania (more than 17
million hectares), killed more than a billion animals, and
affected nearly 80 percent of Australians. This included
the tragic loss of over 450 lives from the fires and
smoke, more than 3,000 homes were destroyed, and
thousands of other buildings.
While unprecedented, this tragedy was not
unforeseen, nor unexpected. For decades climate
scientists have warned of an increase in climaterelated disasters, including longer and more
dangerous bushfire seasons, which have become
directly observable over the last 20 years. Extremely
hot, dry conditions, underpinned by years of reduced
rainfall and a severe drought, set the scene for the
Black Summer crisis.
Recommendations - The 3 Rs - Response,
Readiness and Recovery
There is no doubt that bushfires in Australia have
become more frequent, ferocious and unpredictable
with major losses in 2001/02 in NSW, 2003 in the
ACT, 2013 in Tasmania and NSW, 2018 in Queensland,
2009 Black Saturday Fires in Victoria and 2019/20 in
Queensland, NSW, Victoria and South Australia. We are
now in a new era of supercharged bushfire risk, forcing
a fundamental rethink of how we prevent, prepare for,
respond to, and recover from bushfires.
This Australian Bushfire and Climate Plan report
provides a broad plan and practical ideas for
governments, fire and land management agencies
and communities to help us mitigate and adapt to
worsening fire conditions. The 165 recommendations
include many measures that can be implemented right
now, to ensure communities are better protected.
How to work with petroleum hydrocarbon suppliers to reduce and eliminate cont...Turlough Guerin GAICD FGIA
Petroleum hydrocarbon suppliers affect a mine's goals for environmental performance because of the extensive reach of petroleum hydrocarbon products into the mining and minerals product life cycle, their impact on operational efficiencies, cost, and mine viability, and their potential for leaving negative environmental as well as safety legacies. The supplied petroleum hydrocarbon life cycle is a framework that enables structured engagement between supplier and customer on a range of environmental performance issues because it is an example of input into the mining industry that affects the entire mining and minerals processing an value chain. Engagement with suppliers in a proactive manner can be a risk management strategy. Questions for businesses to ask in relation to suppliers and their role in minimizing business risks and creating new value are offered (https://onlinelibrary.wiley.com/doi/full/10.1002/rem.21669).
This document provides information about an online course offered in October 2020 led by Karim Lakhani and Vish Krishnan. The course was offered on edX under the course code HarvardX+LBTechX1+1T2020 and provided a reference link for more details.
Governments would get bigger bang for taxpayer
buck by instead spending more on upgrading existing infrastructure,
and on social infrastructure such as aged care and mental health care.
The document discusses how telecommunications can reduce organizations' carbon footprints. It notes that while the ICT sector contributes 2-3% of global emissions, telecommunications offers significant potential to reduce emissions across the economy through enabling virtual alternatives. The author provides three examples of how Telstra's products and services leverage emissions reductions: 1) Trimble GeoManager improves field workforce efficiency by 5.6% in travel and 13.3% in productivity; 2) broadband enables flexible working that can reduce emissions 1.6 tonnes per teleworker; 3) high-definition videoconferencing replaces business air travel. Overall, telecommunications is presented as a key enabler of a low-carbon future through smart applications on broadband networks
Choosing net zero is
an economic necessity
Australia pays a high price of a global failure
to deliver new growth in recovery. Compared
to this dismal future, Deloitte Access Economics
estimates a new growth recovery could
grow Australia’s economy by $680 billion
(present value terms) and increase GDP
by 2.6% in 2070 – adding over 250,000 jobs
to the Australian economy by 2070.
This document outlines a roadmap for reducing Australia's food waste by half by 2030. It proposes establishing a governance entity to lead ongoing delivery of the national food waste strategy and sector action plans. Key initial actions include conducting a feasibility study to fill data gaps and understand delivery trajectories, and developing an investment strategy to ensure long-term funding. A voluntary commitment program is proposed as a vehicle for industries to set waste reduction targets, take actions, and report progress. The roadmap sets out a timeline of activities from 2019-2030, with interim targets and reviews to assess progress toward the overall goal.
The world of venture capital has seen huge changes over the past decade. Ten years ago there were fewer than
20 known unicorns in the US5
; there are now over 2006
. Annual investment of global venture capital has increased
more than fivefold over the same period, rising to $264 billion by 2019. This investment has been dominated by the
tech sector harnessing digital frontiers to disrupt traditional industries – including cloud computing, mobile apps,
marketplaces, data platforms, machine learning and deep tech.7
It is an ecosystem that acts as the birthplace for
innovation and brands that can shape the future of consumerism, sectors and markets.
As COVID-19 has taken hold of the
world, the question of whether venture
capital, and early stage investing more
broadly, is backing and scaling the
innovations our world really needs has
never been more pertinent. Life science
and biotech investing is an asset class
perhaps most resilient and relevant to
the short-term impact of COVID-19,
but there is another impact-critical
investment area that is emerging as
an increasingly important investment
frontier: climate tech.
This research represents a first-ofits-kind analysis of the state of global
climate tech investing. We define what
it is and show how this new frontier
of venture investing is becoming a
standout investing opportunity for the
2020s. Representing 6% of global
annual venture capital funding in 2019,
our analysis finds this segment has
grown over 3750% in absolute terms
since 2013. This is on the order of 3
times the growth rate of VC investment
into AI, during a time period renowned
for its uptick in AI investment.8
Looking forward can climate tech in the
2020s follow a similar journey to the
artificial intelligence (AI) investing boom
in the 2010s? The substantial rates of
growth seen in climate tech in the late
2010s, and the overarching need for
new transformational solutions across
multiple sectors of the economy,
suggests yes. The stage appears set
for an explosion of climate tech into the
mainstream investment and corporate
landscape in the decade ahead.
The document outlines Australia's Technology Investment Roadmap which aims to make Australia a global leader in low emissions technologies. It identifies big technology challenges around clean energy, carbon capture and storage, low carbon materials, and soil carbon measurement. The Roadmap's goals are to accelerate development of new technologies, support jobs and exports, and lower emissions. It proposes priority technologies like clean hydrogen under $2/kg and energy storage under $100/MWh. The Roadmap establishes a framework for government and private investment of over $18 billion and $50-100 billion respectively to develop priority technologies and support over 130,000 jobs by 2030.
Nine shifts will radically change the way construction projects are delivered—and similar
industries have already undergone many of the shifts. A combination of sustainability
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and a new breed of player looks set to transform the value chain. The shifts ahead include
productization and specialization, increased value-chain control, and greater customercentricity
and branding. Consolidation and internationalization will create the scale needed to
allow higher levels of investment in digitalization, R&D and equipment, and sustainability as well
as human capital.
The document outlines UDIA National's plan to help the Australian housing and construction industry bounce back from COVID-19 through targeted policy initiatives. It discusses how the industry has been impacted by COVID-19, with inquiries, sales, and construction falling significantly. It argues that without intervention, further job losses are likely as the industry employs over 750,000 people directly and indirectly. The plan calls for immediate federal stimulus to kickstart the housing market and flow through to economic recovery. It acknowledges actions already taken but argues more is needed to move from economic stabilization to recovery.
Sustainable Finance Industry Guide
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The report was developed based on a literature review and engagement with more than 80 stakeholders from industry, academia and government with the aim of identifying appropriate government action in the form of proposed solutions that may be applicable across Commonwealth, state and territory and/ or local governments.
The report has given focus to opportunities for precincts that are not already considered in the Trajectory to ensure that a wider system response is taken to considering the zero energy (and carbon) ready outcomes being sought.
When seeking funding, environmental and sustainability professionals must clarify how their role and the proposed project fit within the business' strategy.
This article provides a checklist for those seeking funding for sustainability and environmental projects.
The suggested questions will assist non-executive directors in evaluating sustainability-focused proposals.
Turlough F Guerin received a certificate of achievement from HarvardX for successfully completing the course "LBTechX1: Technology Entrepreneurship: Lab to Market". The certificate was issued on July 19, 2020 and verifies that Turlough F Guerin demonstrated a passing understanding of the material presented in the online course offered through an initiative between Harvard University and edX.
This document provides an overview of the key findings from a report developed by the Science Based Targets initiative (SBTi) regarding the conceptual foundations for setting science-based net-zero targets in the corporate sector. Some of the main points discussed include:
- Net-zero emissions must be achieved by 2050 to limit global warming to 1.5°C according to the IPCC. Corporate net-zero targets vary in their approaches and definitions.
- Science-based net-zero targets for companies require deep reductions in value chain emissions consistent with 1.5°C pathways, as well as offsetting any remaining emissions through carbon removal by 2050.
- Compensation and carbon removal can play a
Monitoring Health for the SDGs - Global Health Statistics 2024 - WHOChristina Parmionova
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Donate to charity during this holiday seasonSERUDS INDIA
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About Potato, The scientific name of the plant is Solanum tuberosum (L).Christina Parmionova
The potato is a starchy root vegetable native to the Americas that is consumed as a staple food in many parts of the world. Potatoes are tubers of the plant Solanum tuberosum, a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern United States to southern Chile
Synopsis (short abstract) In December 2023, the UN General Assembly proclaimed 30 May as the International Day of Potato.
Food safety, prepare for the unexpected - So what can be done in order to be ready to address food safety, food Consumers, food producers and manufacturers, food transporters, food businesses, food retailers can ...
UN WOD 2024 will take us on a journey of discovery through the ocean's vastness, tapping into the wisdom and expertise of global policy-makers, scientists, managers, thought leaders, and artists to awaken new depths of understanding, compassion, collaboration and commitment for the ocean and all it sustains. The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Working with data is a challenge for many organizations. Nonprofits in particular may need to collect and analyze sensitive, incomplete, and/or biased historical data about people. In this talk, Dr. Cori Faklaris of UNC Charlotte provides an overview of current AI capabilities and weaknesses to consider when integrating current AI technologies into the data workflow. The talk is organized around three takeaways: (1) For better or sometimes worse, AI provides you with “infinite interns.” (2) Give people permission & guardrails to learn what works with these “interns” and what doesn’t. (3) Create a roadmap for adding in more AI to assist nonprofit work, along with strategies for bias mitigation.
United Nations World Oceans Day 2024; June 8th " Awaken new dephts".Christina Parmionova
The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
Contributi dei parlamentari del PD - Contributi L. 3/2019Partito democratico
DI SEGUITO SONO PUBBLICATI, AI SENSI DELL'ART. 11 DELLA LEGGE N. 3/2019, GLI IMPORTI RICEVUTI DALL'ENTRATA IN VIGORE DELLA SUDDETTA NORMA (31/01/2019) E FINO AL MESE SOLARE ANTECEDENTE QUELLO DELLA PUBBLICAZIONE SUL PRESENTE SITO
Contributi dei parlamentari del PD - Contributi L. 3/2019
The Future of the Governance Professional August 2019
1. Governance Institute of Australia: The future of the governance professional | Page A
The future of
the governance
professional19
August2019
2. Page B
Letter from the CEO 1
Research process 2
Research participants 4
Executive summary 5
Looking towards 2025 5
Changes to the role of the governance professional 6
What the experts say 8
Theme 1. Complexity 10
A more complex boardroom environment 10
Managing multiple challenging stakeholders 10
Defining culture for 2025 11
Theme 2. Regulatory change now top of the agenda 12
Theme 3. The impact of technology disruption 14
Curating the growth in data 16
Remuneration growth expected for governance professionals 17
Building your skill set to tackle the challenges of 2025 18
Top 10 soft skills to manage information 19
How Governance Institute can help you 20
Acknowledgments 21
AbouttheGovernanceInstituteofAustralia
Contents
With a membership of over 7,500 company secretaries, governance
leaders and risk managers from some of Australia’s largest organisations,
Governance Institute of Australia is the only fully independent professional
association with a sole focus on governance excellence. For 110 years,
our education, research, advocacy, and support networks have provided
cutting edge governance and risk management advice to Australian
business leaders from all walks of life. We celebrate Australia’s successes,
and challenge it to be even better.
Governance Institute of Australia 2019
3. Governance Institute of Australia: The future of the governance professional | Page 1
The future of the governance professional is
right here and now. The world of the governance
professional is changing faster than ever before.
Boards are increasingly under the microscope
from regulators, investors, proxy advisers, staff,
customers and activists. Social media also gives
every stakeholder a voice.
This scrutiny escalated following the Royal
Commission into Misconduct in the Banking,
Superannuation and Financial Services Industry
and the lessons learned have relevance to all
Australian organisations, not only banks and
insurers.
The pressures of operating in the face of growing
complexity and uncertainty are being felt across
Australia’s boardrooms, raising the importance
of governance professionals’ input and
strengthening their valued ‘trusted adviser’ status
within every organisation.
This report attempts to understand why
governance professionals’ roles are shifting,
what future skills they require, and the resources
and support they will need from their executive
leaders. As Australia’s largest dedicated
governance association, we too will use this
research to support our members with the
most relevant and up-to-date professional
development, courses, events, networks
and resources.
The future is hard to predict. I hope this report will
fuel further debate on what the future will look
like, how governance professionals can future-
proof themselves and ensure they continue
adding value to the board and their organisation.
Megan Motto
Chief Executive Officer
Governance Institute of Australia
LetterfromtheCEO
Governance Institute of Australia would like to thank all research
participants for their time and insights. A special thank you to our
sponsors Diligent and LexisNexis for helping support this invaluable
research.
4. Page 2
Step 1:
In May 2019, we conducted initial interviews with eleven
carefully selected senior governance professionals to
gain an understanding of the key governance issues they
are likely to face leading up to 2025. Those interviewed
included senior company secretaries, non-executive
directors and C-suite leaders from some of Australia’s
largest organisations, including Australia Post,
Macquarie Group, Lendlease, Cuscal and Rubicor Group.
Step 2:
Their valuable insights helped inform the questions for
the online survey we conducted in May to discuss trends
across the rest of the Australian governance community.
It drew 285 respondents, 41 per cent of whom described
themselves as senior governance or risk management
professionals. Almost 60 per cent were members of
Governance Institute of Australia. Respondents were
employed in all sectors of the economy with the largest
group (23.2 per cent) working in financial and insurance
services.
In the graphs in this report, the percentages have been
rounded up or down to the nearest number
Step 3:
The results of the first two exercises were analysed and
a host of themes identified. These were then discussed
in detail at a roundtable in Sydney on 28 May 2019,
attended by a further group of ten governance experts,
including lawyers, non-executive directors, consultants
and C-suite executive
Researchprocess
Our research process consisted of three steps. We collated valuable insights from each of the three
steps to find common and likely themes.
5. Governance Institute of Australia: The future of the governance professional | Page 3
SA
5%
NT
0%
ACT
2%TAS
2%
Overseas
8%
WA
9%
VIC
31%
QLD
13%
NSW
30%
Financial and
Insurance
Services
23%
Administrative
and Support
Services
4%
Health Care and
Social Assistance
16%
Transport, Postal
and Warehousing
4%
Education and
Training
12%
Other
9%
Electricity, Gas,
Water, Waste
Services
3%
Professional,
Scientific,
Technical
Services
9%
Manufacturing
2%
$10bn-$50bn
4%
$1bn-$10bn
8%
$100m-$500m
18%
$500-$1bn
7%
$1m-$100m
42%
$50bn+
4%
$1M
17%
Public Administration
and Safety
10%
Arts and Recreation
Services
3%
Mining
5%
Senior governance
or risk management
professional
41%
Early career governance or
risk management professional
20%
CEO or C-suite
executive
17%
Governance or
risk management
consultant
11%
Non-executive
director
7%
Retired
4%
Snapshots about online survey participants
Where would you consider yourself
in your career?
What state are you based in?
What industry sector does your organisation
operate in?
What is your organisation’s
annual revenue? ($AUD)
6. Page 4
Researchparticipants
Governance Institute would like to thank the governance and risk management professionals for their
assistance and engagement in the online survey.
We would also like to thank the following individuals who generously gave their time and insights during
the interview and roundtable processes.
Interview
Nathan Bartrop FGIA
NSW State Council member, Governance
Institute of Australia
Lisa Coletta AGIA
Founder, GovernanceCollective
Gillian Coutts
Partner, Potential Project (Australia)
and Director, Uniting
Professor Bob Garratt
International governance expert;
University of Stellenbosch and Cass Business
School, London University
Paul Lahiff
Chair of Cuscal and Non-executive Director,
AUB Holdings, NESS Super, Australian Retail
Credit Association and Sezzle
Simon Pordage FGIA
Company Secretary, ANZ
Wendy Lee FGIA
Company Secretary, Lend Lease
Dennis Leong FGIA
Company Secretary, Macquarie Group
Megan Motto FGIA
CEO, Governance Institute of Australia.
Dottie Schindlinger
Author and Vice President, Thought Leadership,
Diligent
Deidre Willmott
Non-executive Director — Australia Post,
Kimberley Foundation Australia, Perth USAsia
Centre; and Chair, St Hilda’s Anglican School
for Girls.
Roundtable
Yvonne Butler FGIA
Managing Director, The Information Source
Leah Fricke FGIA
Non-executive, Columbus Capital, OnePath
Funds Management Director and Litigation
Lending Services
Avryl Lattin
Partner, Clyde Co
Sally Linwood AGIA
Senior Policy Adviser, Australian Institute of
Company Directors
Matt McGirr GIA(Affiliated)
Solicitor, Herbert Smith Freehills
Taryn Morton FGIA
Former company secretary, Commonwealth Bank
of Australia and Qantas
Megan Motto FGIA
CEO, Governance Institute of Australia
Lyn Nicholson FGIA
General Counsel, Holding Redlich
Peter Smiles FGIA
Deputy Company Secretary and Senior Manager
— Legal, Risk and Safety, QBE Insurance Group
Leanne Wrightson AGIA
Governance and Compliance Coordinator, People
with Disability Australia
7. Governance Institute of Australia: The future of the governance professional | Page 5
Vital
Very important
Neutral
Executivesummary
Lookingtowards2025
The governance professional of the future
will have to deal with a different regulatory
framework, greater complexity and technology
shifts, each occurring at an increasingly
rapid rate. Over 83 per cent of governance
professionals expect their roles to change by
2025.
Three key themes emerged consistently from the
interviews, survey and roundtable.
The leading theme nominated by governance
professionals is the increased complexity of many
organisations, this relates to internal operations
as well as the influence of shareholders and other
external stakeholders
The second force for change is the amount of
regulatory change and reporting to third parties
on non-financial metrics — such as diversity,
sustainability and culture. While largely due to
the banking royal commission fallout, the effects
go beyond the financial sector and flow into all
Australian organisations.
Third, and not surprisingly, is technological
disruption due to the use of new technology and
its effects on the workforce, and also because
the rate of change and implementation of these
technologies is accelerating.
Combining various insights from the interviews,
survey and roundtable paints an interesting
picture of what the future may look like for
governance professionals by 2025.
What will be driving governance
changes in the future?
Com
plexity of business environm
ent
Regulatory changes
Technological disruption
Investor/stakeholder relations
Econom
y issues
Political uncertainty
Environm
ental risk
Somewhat important
Not important
31%
48% 49% 49%
43%
43%
36% 38%
31% 26%
20%
12% 16% 16%
15% 13% 17%
25% 36%
37% 33%
4%
2% 2% 1%
5% 7%
8%
5%
6%
3%
8%
3%
6%
6%
8. Page 6
Directors may need to limit the number of board
appointments they accept as the role becomes
more complex and demanding of their time.
There may be a stronger focus on board renewal
and the maximum tenure of board members.
That could open up boardroom seats and make
space for increased levels of boardroom diversity,
especially for non-traditional candidates from
outside the C-suite.
The growing complexity and rising number of
issues that boards will have to deal with may
result in more deliberations being handled by
sub-committees.
There won’t be more board sub-committees, but
some traditional committees will be beefed up
to better align culture and risk — for example,
remuneration in the context of culture. Sub-
committee meetings may become longer or be
held more frequently.
There will be more Millennials on boards and they
are likely to place greater emphasis on ethics and
social good than on ensuring risk systems and
structures are in place. They will also potentially
be less rigid in their understanding and style and
keener to push the envelope.
The governance world will grow. Super funds
are already having to lift the bar on their
governance, but by 2025, more not-for-profits
and organisations managing large pools of
money will be required to do the same. More
small to medium-sized entities will also embrace
governance as they become aware of its many
benefits and as they grow in size.
Scrutiny of both director and executive pay is
likely to rise. Governance professionals may
have to lend their legal expertise to help simplify
long-term and short-term incentive plans, which
are becoming more complex and may not be
achieving what they are meant to.
The role of the company secretary could
increasingly be separated from other roles such
as CFO and general counsel.
In addition to the CEO and CFO, company
secretaries will also have stronger relationships
with the chief risk officer, chief technology officer
and chief human resources officer.
Respondents even noted that in the future
company secretaries may also be asked to sit on
the boards of other organisations to gain different
perspectives to support their internal roles.
At a glance, the list of changes may seem
overwhelming, but many of the challenges
organisations face over the next five years are
direct opportunities for governance professionals
to take the lead as a trusted adviser.
Changestotheroleofthe
governanceprofessional
9. Governance Institute of Australia: The future of the governance professional | Page 7
Not prepared
12%
I am very prepared
9%
How well prepared do you feel future
generations of governance professionals
will be to face these challenges?
How well prepared are you to face the
governance challenges of 2025?
Very well prepared
4%
I am not prepared
9%
Well prepared
20%
Neutral
28%
Neutral
18%
I am well prepared
21%
Somewhat prepared
46%
Some preparation
33%
Top ways the company secretary’s
role is likely to evolve
From ‘secretary’ to ‘trusted adviser’ to the board
From minute-taker to thought leader
From servant of the board to ‘conscience’ or ‘moral
compass’ guiding the board
From simply collating and supplying information, to
becoming curator, analyser and adviser on that data
and pointing to where to find more
From supplying answers to stimulating wider
thinking by proactively raising the right questions
From being process-based to being
principles-based.
10. Page 8
Whattheexpertssay
Working with the chair, company secretaries will
help develop a healthy board which, in turn, will help
develop a healthy organisation. Their role will move
from just “legalistic paper pushers” to a much more
developmental role. Company secretaries will need to
ensure they understand the level of maturity of both
the board and of each director and have a budget
from the chairman to work with directors to develop
whatever skills are necessary.
Professor Bob Garratt
International governance expert
Going forward we need company secretaries
who are integrators. They may not have a domain
specialism… We are almost talking about the role of
a project manager to bring together all those things
the organisation needs to achieve. Governance
professionals’ skills sets have to allow them to see
how everything fits together. A lot of boards don’t
know-how. Things can be quite siloed or myopic, but
we need people who can look at the whole.’
Yvonne Butler FGIA
Managing Director
The Information Source
I think the trend will be that directors sit on fewer
boards. That doesn’t mean playing more golf. It
means spending more time thinking about the
businesses of the boards on which you sit.
Company Secretary FGIA
ASX50 company
11. Governance Institute of Australia: The future of the governance professional | Page 9
Organisations will need to be more collaborative and
less competitive. For example, even though banks
will be competing with each other, they will still have
common interests in terms of delivering banking
products to their customers. Technology will also play
a large role in this.
Nathan Bartrop FGIA
NSW State Council Member
Governance Institute of Australia
Social media channels now give 24/7 unfiltered
stakeholder feedback… Every stakeholder with
an interest in any company now has a platform
to amplify their voice — by making comments on
social media or voting with their feet (as we saw
with workers at Microsoft and Amazon who said
they would refuse to work on a defence contract).
Whatever you call it, the evolving position is
that more stakeholders are asking for more
responsiveness.
Lyn Nicholson FGIA
General Counsel
Holding Redlich
Boards of the future will have to think more about
what it means to be best practice in governance. The
benchmark continually changes. There will be new
standards set. For example, ten years ago, people
may have raised their eyebrows at a 30 per cent
diversity target. Now it’s normal. A while ago, boards
looked to have one technology-savvy director. Now
the whole board must be digitally literate.
Company Secretary FGIA
ASX50 company
12. Page 10
Theme1:Complexity
The pool of stakeholders that boards will have to
consider when making decisions is expected to
grow and may include groups that can influence
government policy.
Customers continue to be an ever-growing focus —
the key message from the banking royal commission
was that organisations need to foster a culture that
prioritises customers over profits.
Future of the governance professional participants
repeatedly noted that investors and proxy advisers
are likely to boost their scrutiny of director
appointments from now on. They saw shareholder
activism growing, and large industry super funds
continuing to flex their muscles on issues they
viewed as important.
They also expect greater stakeholder demands for information on policies related to areas such as
climate change, remuneration, diversity, conduct and culture.
A key recurring theme was social media — it gives every stakeholder a voice, for better or for worse,
and these risks need to be proactively overseen as part of a brand and reputational risk
management framework.
The complexity of boardroom decision-making
is expected to rise. This will increasingly be true
for smaller businesses too as technology makes
it easier for them to scale across markets and
borders.
‘The boundaries of what areas of boards are
accountable for will blur as complexity increases.
For example, environmental impacts or unintended
consequences from operating activities. It is
challenging to govern and to be accountable for
things you can’t control. And these impacts will
be more in the public eye,’ said Gillian Coutts, a
consultant and non-executive director.
Indeed, 79.5 per cent of our online respondents
believed increasing complexity would play a vital
or important part in changing the governance
professional’s role.
Managingmultiplechallenging
stakeholders
Amorecomplexboardroomenvironment
13. Governance Institute of Australia: The future of the governance professional | Page 11
Following the banking royal commission, a lot more
scrutiny is expected to be placed on how a board
measures and influences organisational culture.
The fourth edition of ASX Corporate Governance
Council’s Corporate Governance Principles
and Recommendations (Principles and
Recommendations), released in February 2019,
also highlights the importance of establishing a
corporate culture of behaving lawfully, ethically and
responsibly across the organisation.
‘Culture is the fundamental decider around how
effective your governance environments are,’ said
Lisa Coletta, consultant. ‘You can write as many
policies and documents as you like. You can push
and push process, but if it’s not assimilating with
the culture you have and the culture the board
wants, the business will be pulled in lots of different
directions.’
Boards are likely to put more effort into determining what a good company culture looks like for their
particular organisation and ensuring that it is instilled. They will have to walk the talk. The company
secretary is expected to play an important role in all of this and may even become the ‘conscience’ of the
board or its ‘chief ethical adviser’.
Given how the governance professional is dealing more
and more with systems and processes and how these
overlay across very complex organisations, perhaps we
should be attracting disciplines like engineering to help us
understand systems-based problems, and not only lawyers or
accountants.
Matt McGirr GIA(Affiliated)
Solicitor
Herbert Smith Freehills
Definingculturefor2025
14. Page 12
Implementing regulatory reform is top of mind
among governance professionals: Of those
surveyed, 80 per cent saw it as the most
important challenge they face today or as very
important. Overall, increased regulatory oversight
emerged as one of the key themes, cited as a
major challenge by participants in all three parts
of our research.
These findings are reinforced by close to 500
Australian risk managers and governance leaders
who participated in Governance Institute’s 2019
Risk Management Survey.
They rated regulatory reform or legislative change
as their top risk both right now, across the next
12 months and the next three to five years.
Again, this was almost unanimous across all
respondents, regardless of industry, organisation
size and job title.
Few participants in our research believed the
regulatory pendulum will have swung back
by 2025.
Deidre Willmott, a non-executive director at
Australia Post, noted: ‘Once a regulation is there,
it is very hard to get it taken away. In some
instances, people are themselves benefiting from
it and politicians don’t want to be in a position
where they have to explain why banks or other
large corporates should be subject to less
regulation than before.
‘We are in the age of the regulator. Compliance
is going to be a major issue for boards.
Relationships with regulators, I think, is
yesteryear’s thinking. It’s going to be about how
you demonstrate compliance and respond
to regulators’, she continued.
‘The community doesn’t trust institutions
anymore and it doesn’t want regulators to deal
amicably with them. We saw that through the
banking royal commission. It wants to see public
revelations when people fail to comply and, in
some instances, it wants people brought to the
courts and punished.
‘Boards will need the company secretary to
identify how and where a failure of compliance is
going to be an issue for the board and company’,
said Ms Willmot.
Listed companies now have more obligations
around ASX reporting and continuous disclosure
due to the new reporting requirements
under the fourth edition of the Principles and
Recommendations.
In addition, the Banking Executive Accountability
Regime (BEAR), which establishes accountability
obligations for authorised deposit-taking
institutions and their senior executives and
directors, is expected to have an impact with
many saying it could be extended to other sectors
of the economy.
‘Being accountable encourages you to be good
at it,’ said Leah Fricke FGIA, a non-executive on
several boards, at our roundtable
Theme2:Regulatory
changenowtopof
theagenda
Useful resources from
Governance Institute
Governance Institute Risk Management
Survey 2019
Insights: Governance issues arising from the
banking royal commission: Part 1 and 2
Insights: ASX Corporate Governance
Council’s Corporate Governance Principles
and Recommendations (2019)
‘Boards will need the company
secretary to identify how and
where a failure of compliance
is going to be an issue for the
board and company.’
Deidre Willmott
Non-executive Director
16. Page 14
The growing use of artificial intelligence and machine learning will
change the governance professional by:
Making the role more interesting and high level. There will still
be a need for humans who can make quantitive judgements
and have emotional intelligence
39%
Improving the quality
of information that
the board receives
25%
None of these
8%
Causing job losses in administrative roles
through automation
4%
Reducing the quality
of information that the
board receives
2%
Taking over more routine
administrative tasks
23%
Unsurprisingly, three quarters (75.4 per cent)
of our online survey respondents expected
technology disruption to have a vital or
very important impact on the governance
professionals’ role by 2025.
Those surveyed thought the growing use of
artificial intelligence (AI) and machine learning
(ML) in business would change the role of the
company secretary by making the role
more interesting.
Just over a third of online respondents believed
technology would disrupt their role. However,
most participants across all three parts of the
research agreed that there would still be a need
for humans to oversee machines and to make
qualitative judgments.
At our roundtable, some suggested that machines
are likely to be better than humans at taking
minutes, gathering information, highlighting what
is relevant and packaging it all up for directors.
But it is important to remember machines
don’t have the same emotional intelligence and
creativity as humans. At this early stage of their
development, machines also lack the ability of
humans to see nuances, read facial expressions
or grasp boardroom dynamics.
Machines are of course no good at building the
types of relationships that a company secretary
needs to build across the organisation.
With governance issues often being neither
black nor white, machines would not be as good
as humans in dealing with that ‘grey’ zone that
requires intuition and ‘gut feel’.
‘The value of wisdom and experience, which often
are undervalued in today’s cut-throat commercial
world, should be even more important as these
are attributes that machines are unlikely to
reliably display in the short-term,’ said an online
participant
AI and ML led the way when it came to which
technologies are most likely to affect the
governance professional’s role by 2025. Other
technologies including real-time information,
big data analysis, improved regtech, increased
automation, more flexible and easier-to-use
board portals and collaboration tools, blockchain
and voice recognition technologies are also
expected to affect the role.
However, as technology rapidly advances, several
respondents believed the tools that will have the
most influence on the role are yet to be invented.
Theme3:Theimpactof
technologydisruption
17. Governance Institute of Australia: The future of the governance professional | Page 15
‘
Word cloud of specific technologies which will effect the role of the
governance professional by 2025
18. Page 16
Curatinggrowth
indata
Many governance professionals are feeling overwhelmed by
too much data. There is analysis paralysis around making
a decision. They are asking themselves: “What if there is
another data set out there that I should bring to the board?
or “Do I know enough to make a decision?”
Megan Motto FGIA
CEO, Governance Institute of Australia
By 2025, directors will need to understand a wider
range of global trends, not just those within their
industry, due to the potential of disruption coming
from a different industry type.
Directors will also have to understand global
trends and geopolitics because their companies
are likely to be more involved in international trade
and commerce. Also, they will need to better
understand how to influence government policy
and more about who their different stakeholders
are and how to manage them.
With complexity growing, directors aren’t waiting
for company secretaries to send them information
any longer. They are going out and doing their own
due diligence and research using tools fuelled
by AI.
Because directors will have so much access to
data, governance professionals are expected to
become the filters or ‘curators’ of information
rather than being the ‘givers’ of information.
Instead of controlling the information flow, they
may also become the ones asking the right
questions at the right times to stimulate
wider thinking.
‘They will need to have an innate curiosity as to
what is happening in the broader world. They’ll
also need to be well read, well connected and
have a global experience because a lot of the
changes happening in other parts of the world are
going to be happening in Australia,’ said Simon
Pordage FGIA, company secretary at ANZ Bank.
‘Directors are not necessarily looking for more
information. They want better quality information.
And that’s challenging and part of the valuable
role that company secretary plays,’ added
Sally Linwood AGIA, senior policy adviser at the
Australian Institute of Company Directors.
A common feeling was that boards are pushing
back on how much information they receive
and can absorb. In turn, the company secretary
will need to push back harder on management
to provide shorter, more relevant information
to the board. Non-executive director and chair,
Paul Lahiff, suggested the saying that is often
attributed to Mark Twain (and others) applied, ‘I
didn’t have time to write a short letter, so I wrote a
long one instead.’
More regulation will mean that boards will be
more careful and cautious. They will ask more
questions and they won’t just take things at face
value as much as they used to.
‘This means management will have to provide
more information or probably different
information,’ says Dennis Leong FGIA, company
secretary at Macquarie Group.
Given the need to gain wider perspectives of
the organisation and a feel for its culture, more
directors will be walking its floors and talking to
staff and customers (and even competitors) —
sidestepping some of the company secretary’s
curation of information
19. Governance Institute of Australia: The future of the governance professional | Page 17
Remunerationgrowthexpected
forgovernanceprofessionals
The spotlight on governance, risk and compliance
has resulted in these functions being seen as
increasingly important by employers. As financial
services organisations seek to conform to
evolving regulatory frameworks and reassure
shareholders and the public, the demand
for qualified talent is on the rise, creating
a competitive marketplace which will drive
remuneration growth amongst all governance, risk
management and compliance roles. The growing
complexity around governance, risk management
and compliance has also led to these teams
growing significantly in size over a short period of
time, particularly in financial institutions.
Data from a report by Aon shows that median
fixed remuneration for a chief risk officer and
company secretary in the ASX100 has grown by
a compound annual growth rate of 6.6 per cent
and 4.8 per cent over the last four years, well
above the typical salary increase of 2–3 per cent
recorded for senior executives over the
same period.
Company secretary
Chief risk officer
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
2016 2017 2018 2019
2016 2017 2018 2019
Source: Aon 2019
20. Page 18
Buildingyourskillsettotackle
thechallengesof2025
By 2025, governance professionals will need to be
keeping pace with rapid changes and a broader
set of issues affecting their organisations. That
means they will have to continually maintain and
improve their knowledge base and skill set.
As one online participant noted, ‘I think that the
undergraduate requirement is a “given”. It is the
ongoing education that remains a challenge —
ensuring that the governance professional keeps
up-to-date with the many varied developments.’
Various comments made by the participants
suggest that the way to meet this challenge will
involve a mix of solutions and lifelong learning.
Governance professionals will need to keep
up with their reading and complete continuing
professional development each year.
They might have to do a mix of short and long
courses, as well as attend seminars, to plug their
gaps of knowledge and complement their
core skills.
They may also require on the job training because
things are changing so fast.
Having a broader network will also help. ‘No one
is going to have all the answers so you need to
be able to reach out to a network to get help,’
observed Megan Motto FGIA, CEO of Governance
Institute of Australia.
‘Having mentors and apprenticeships and
communicating with other governance
professionals will help fast track some of those
contextual learnings in the future. The one
thing that is better than learning from your own
mistakes is learning from someone else’s.’
Some participants suggested that governance
professionals should get out of the boardroom
— that is, visit other companies or attend
conferences and events that could broaden
their horizons.
Also, they should walk around the organisation
and listen to what people told them. Or, they
could put their hands up to be part of projects
that helped them learn more about the
organisation or from working with different teams
and expertise.
For those who did not have the time to get out of
the office, participants recommended ‘attending’
digital events, such as webinars and podcasts.
Overall, participants believed that a combination
of experience and ongoing education was needed
to build the level of awareness needed for the
governance professional role.
‘Study complexity, study future thinking — those are
the two topics I suggest everyone consider to prepare
for the future..’
Leah Fricke FGIA
Non-executive Director
21. Governance Institute of Australia: The future of the governance professional | Page 19
Top10softskillstomanageinformation
What training would you recommend for future governance
professionals to give them the required knowledge or skills
Postgraduate
degree or courses
52%
Short courses
39%
Seminars and
briefings
28%
Digital events
(webinars/
podcasts)
24%
Undergraduate
degree
16%
Other
6%
Networking
events
12%
A good governance professional does not just organise data but can analyse and curate a
comprehensive reporting system that reduces board workloads and enhances efficiency. Here’s a list
of the key soft skills that interviewees and roundtable participants expect to be increasingly valuable by
2025.
Great judgment.
The ability to liaise at all levels of the organisation, with
all types of stakeholders. And to be ‘Switzerland’ —
that is, to be fair and stay neutral in disputes.
Curiosity and a drive to get to the bottom of a problem
and think outside the square.
The capability to run ‘common sense’ checks over
sophisticated datasets and ensure they are correct —
not just relying on machines, or assistants, to do so.
The ability to zone in on the core
information required by the organisation and prioritise
different information streams
An understanding of systems and processes across
the organisation.
The capacity to see the world in a broader and more
nuanced way than management and then to work out
how all the disparate pieces of information fit together
A grasp of the mechanisms needed to reshape the
organisation’s culture.
Good communication, collaboration and negotiation
skills as well as the emotional intelligence to
understand human behaviour and boardroom
dynamics.
Project management skills, including strong time
management and multi-tasking skills.
22. Page 20
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23. Governance Institute of Australia: The future of the governance professional | Page 21
Governance Institute of Australia would like to acknowledge our
sponsors Diligent and LexisNexis for their generous support of
this research.
Diligent is the pioneer in modern governance. We empower
leaders to turn governance into a competitive advantage
through unparalleled insight and highly secure, integrated
SaaS applications. Diligent helps organisations thrive and
endure in today’s complex, global landscape. Our trusted,
cloud-based applications streamline the day-to-day work of
board management and committees. It supports collaboration
and secure information sharing throughout the organisation,
manage subsidiary and entity data, and deliver the insights and
information leaders need to mitigate governance deficits and
outperform the competition.
www.diligent.com/au/
LexisNexis is a leading global provider of legal, regulatory
and business information and analytics that help professional
customers make more informed decisions, increase productivity
and serve their clients better.
www.lexisnexis.com.au
We also extend our thanks to Aon for providing the data in the
Remuneration section.
Acknowledgments
24. Page 22
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