15 Corporate Governance Resolutions for 2020 – Steps to becoming a Match-fit Director
- INSURANCE – Check your that your Directors and Officers Insurance cover is adequate and make sure it is in force
- SKILLS – Assess whether your skills, especially the technological skills are current to carry out your role and deliver on the strategy of the organisation? If not act to be relevant!
- STRATEGY – Ensure you understand the organisation’s strategy and assess if the board is overseeing its performance against the strategy on a regular basis.
- ROLE – Discuss with your chair and ask what role he/ she wants you to play in the year ahead and how you can prepare for this.
- ADDING VALUE – Reflect on how you can add long term value to the Board, while at the same time ensuring that the shorter-term business goals are achieved.
- FIT FOR PURPOSE GOVERNANCE – Ensure you are happy with the governance arrangements of your organisation. If not, request that an external evaluation is carried out without delay
- INFORMATION FLOWS – Satisfy yourself that the information being provided by the Executive enables you to assess the strategic and operational performance of your organisation
- DIVERSITY – Assess whether your board has the appropriate diversity to support the organisation’s strategic intent.
- CULTURE – Assess if the culture of the board is aligned with the culture and strategy of the organisation and whether the board sets the tone from the top or not.
- RISK – Ask yourself if you were responsible for risk at board level, does it get enough visibility and is front and centre in the minds of board members and board meetings?
- EVALUATION – If your performance has not been evaluated by the organisation in the last 12 months, ask the Chair for feedback?
- INDUCTION – Satisfy yourself if all new directors have a proper induction in place to understand the board and the organisation to carry out the duties.
- CONTINUING PROFESSIONAL DEVELOPMENT – Ensure that your board has a plan to provide you and your colleagues with continuous professional development to ensure that the board is up to date on all its regulatory, compliance and governance obligations.
- STRATEGY AWAY DAY – If this is not being done on a regular basis, suggest at your next board meeting that the organisation takes a day out to do this. This will not only provide an opportunity to evaluate the strategy in some detail, but also to get to know the other board members and the executive a lot better.
- FUTURE CHALLENGES – Am I as a board member asking the right questions at Board meetings that ensure we are prepared for the future? Organisations will face several difficulties over the coming years with political, economic and regulatory challenges perpetually on the horizon. Consequently boards need to be match fit to tackle whatever comes their way. For example – What lies ahead? How might we prepare for future challenges? What is the worst-case scenario for our organisation?
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David W Duffy