This discussion paper developed by the Institute of Directors and MinterEllisonRuddWatts highlights that today’s boards have to be across a staggering array of issues and risks, such as business disruption, new technologies, cyber risk and climate change. They also need to be responsive to escalating stakeholder demands and expectations. This is at a time of heightened director accountability and increasing personal liability.
The paper raises a number of issues for discussion, including:
- How can technology and innovative practices transform how boards are operating, and help ensure directors get the right information to govern effectively?
- Does the annual report still serve a purpose and how will real time communication evolve between boards and stakeholders?
- How are constituencies beyond shareholders being heard in New Zealand boardrooms?
- What is the next step in strengthening director professionalism? For instance should directors commit to continuing professional development, and be subject to a fit and proper person test?
- What board competencies and director attributes will the future board need?
- Does New Zealand need a stewardship code to improve governance and shareholder engagement?
Felicity Caird (IoD GM, Governance Leadership Centre) and Silvana Schenone (MinterEllisonRuddWatts Partner and Head of Corporate) provide an overview of the paper. Leading directors Rob Campbell CFInstD and Dame Therese Walsh CMInstD share their insights on the future board.