Ongoing learning is important for Directors

Directors of all types of companies have complex responsibilities relating to their company’s operations.

“In a world of increasing complexity – where the temptation is to say “just leave it to the experts” – Boards of Directors are tasked with keeping it real at Australia’s Corporations and Not-For-Profit Organisations.” AICD – Australian Financial Review

This article commented:

 “In times of uncertainty up skilling is a core competency”

“Adopting a lifelong learning mindset is now part of being a good director.”

Directors need an understanding of the key legislation that applies to their role including:

• Corporations Act

• Taxation Act

• Fair Work Australia

• Environmental Laws

• State/Territory Government Laws

• Workplace Health and Safety

• Local Government Council Bylaws

Other major issues for Directors include:

• Sourcing of overseas products legally

• Cyber fraud

• Social media

• General media

• An awareness that Court Cases create law, especially relating to corporations.

The key message for Directors is “BE AWARE”!

Corporate governance starts from the time a Board of Directors is assembled.

Over the years, there has been debate as to whether best practice is to have a person as the Company Chair and another person holding the position of Managing Director.

Modern corporate practice acknowledges the benefit of having a person not involved in the day-to-day management of the organisation being appointed as the Chair.

Smaller private companies can adopt similar practices to improve ‘Corporate Governance’ and the overall standard of guidance being given to the Leadership Team, by appointing a separate person to the position of Chair

Directors do require ongoing training and mentoring, to equip them for the corporate challenges that are evident in day-to-day business activities.

The determination of a ‘Corporate Strategy’ for a company is an important consideration.

To find out how Towers Business Development can assist you with establishment of a CORPORATE GOVERNANCE STRATEGY for your company, contact us on 1800 232 088 or email .