Strengthening society through world-class governance. The company secretary or company The Board has adopted appropriate corporate governance policies and practices in line with ASX Corporate Governance Principles and Recommendations (3 rd edition) and industry best practice. of all directors (for To lack another's set of skills is not a criticism. of Director Tools documents: The extent which any gaps identified Ensuring your board implements good governance to build a solid foundation for your organisation We help boards and leadership teams to perform at their optimum, achieve compliance and deliver best practice board and organisational governance. Such processes will generally take into account: Building the right board requires an understanding of director competencies, which involves consideration of the directors’ experience, skills, attributes and capabilities. For more information on board skills/competency analysis, click here. starting point for undertaking a board-related activity. To understand what skills they have, address shortages and forecast future needs, many boards quantify and record their directors’ skills and experience in a skills matrix. practice not only for listed companies but also for unlisted investors and, on the other hand, do not include Include vague or overly A skills matrix identifies the skills, knowledge, experience and capabilities desired of a board to enable it to meet both the current and future challenges of the entity. More and more boards are engaging in more structured and professional processes for director selection. professional development of current and an external matrix that can be communicated This three-day program will provide you with a comprehensive overview of the main components of directorship - governance, finance, strategy and risk. This document is part of a Director Tools series prepared by the Australian Institute of Company Directors. Board member renewal and the skills matrix are critical and deliberate decisions. and have instead limited their disclosures to a broad Boards often pay less attention to director capabilities that may not be evident in a CV that lists the director’s qualifications and experience. mix of the board. Whether any self-assessment process by board Vision, mission and purpose statements – what is the difference? future composition is, for example, if there are Directors, is your board bunkering down to survive or is it governing the organisation to thrive? Does your board need a strategy committee? Feel free to adapt or modify them. If you do that in parallel with either that company’s strategy or the direction in which that sector is moving, you will be offering a forward-looking solution. Directors, now is the time to consider safe harbour, Employer ordered to pay $60,000 compensation for breach of employee privacy, Seven tips for securing your Zoom meetings for board use, Six tips for improving your board charter, Top ten steps to improving corporate governance, Board information requirements: How to get the best from your management team, How individual director interviews can make or break a board evaluation, Lessons from Coca-Cola for independent school boards, Strategy is about asking the right questions. committee) critically examine the matrix organisation’s strategy and the key This Board Skills Matrix (“ M atrix ”) provides a guide as to the skills, knowledge, experience, personal attributes and other criteria appropriate that Limited (“ Company ”) has or is looking … Include basic competencies Boards should consider what skills and experience are relevant to … draw upon these from within management or from It is not designed to replace legal advice or a detailed review of the subject matter. Technical competencies are a director’s technical skills and experience (“what you need to know and are able to do”) such as accounting or legal skills, industry knowledge, experience in strategic planning and corporate governance. matrix will require careful consideration to ensure that, 1Introduction Skill Gap Analysis. The cost of losing a school principal – save your school the pain, The director’s ‘forgotten’ role in networking, The path to effective NFP board and director evaluations, The Royal Commission: corporate culture spotlight, The value of a board of advisers for family business.