Geneva-bound director sings CDC praises

Marc Rivers has extensive senior leadership experience in complex industries internationally but he still found the Institute of Directors (IoD) Company Directors’ Course a valuable experience.

Born in Switzerland and raised in the USA, Rivers moved to New Zealand in 2018, spending nearly five years as Chief Financial Officer for Fonterra. He is now headed to Geneva in his new role as CFO for the International Committee for the Red Cross (ICRC).

He participated in the Company Directors Course (CDC) in Queenstown in 2021.  The five-and-a-half-day course is the benchmark for directors and senior leaders reporting to boards, with a focus on improving decision-making ability in the boardroom.

It explores the director’s roles and responsibilities and includes daily board simulation exercises, bringing case studies to life to highlight the unpredictable nature of business and the human nature of directorships.

“It was really good,” says Rivers. “I spent a lot of time with the Fonterra Board, so a major reason for doing the course was to understand the perspective of a board better.

“Being fairly new to New Zealand I also thought it would be good to understand New Zealand specifics around governance. I also wanted to do more governance and thought it would be good experience for the future.

“It has been very useful. I had seen boards in action but it was very important in terms of understanding the ‘why’ behind why certain approaches are taken.”

Prior to moving to New Zealand, Rivers spent 12 years working in multiple countries for Roche Pharmaceuticals, ultimately as Divisional CFO.

 In 2022 he took on the role of chairing the Finance and Audit committee of Te Whatu Ora (Health New Zealand). He was also President and CFO of Bridgewest Perth Pharma until February 2024.

He says he very much enjoyed the diversity of participants on the CDC, from all different types and sizes of organisation.

“It was a very good cohort of folks and I found real value in the networking. There were a lot of people in lots of differing situations, and I am still in touch with some of them today.

“That diversity brought the content to life, because everyone could share something from their perspective.”

Topics covered on the course include best practice corporate governance, strategy in the boardroom, finance and the board’s role, directors and the law, board dynamics and culture, and risk governance.

The programme is a simulated board exercise. Participants work with four to five other board members addressing a scenario such as company solvency. Then, each group tests their assumptions and decisions with the full group and compares them to genuine New Zealand case studies.

“I liked the case study approach,” says Rivers.  “That brings what you are learning to life, rather than studying it in a dry manner. It made the content very digestible.

“The content was great, particularly for me being relatively new to New Zealand at that time. It helped me to understand more of the legal framework. There are broad themes globally but there are also those specific to New Zealand.”

He says one of the most important learnings that he took away was attitude towards risk.

“There’s is a lot of personal liability and responsibility that comes with being a Board member. It isn’t just a glamorous thing that you go and do.

“You have to think not only in terms of opportunity and how to grow the enterprise but you have to have that risk mindset. What could go wrong? How do we prepare in case things happen? That certainly was an important lesson.”

Rivers’ governance experience has been a mix of trusts, NGOs and not for profits, with a more recent foray onto commercial boards at start-up stage.

“Most has been about building up experience but, as in my professional choices, I have to believe in the purpose of the mission. After years in pharma’ I have a particular interest in healthcare and that is what attracted me to Te Whatu Ora.

“Healthcare is a complex and interesting puzzle and there is a lot of meaning and purpose and an element of service.  That understanding the ‘why’ was very useful for me when I started at Te Whatu Ora. Thanks to the course, I felt well prepared and ready to take that on.

“Continuing professional development is important. It is an ever-changing world and you have to be able to keep up, so we have to keep improving the quality of governance.

“Unfortunately, there have been cases of bad governance and when that happens, trust in that organisation is eroded, with investors or the public, and the system starts to break down.

“Good governance is a mechanism to build and maintain trust in an institution, that is essential. Whether it is a company with just two investors or millions, you need to have a board in place that is looking out for the interests not just of shareholders but of all stakeholders and the whole system.”

To find out more about the Institute of Directors Company Directors’ Course, click here or call 0800 846 369.