“A common goal for many organisations is to have the most effective governance framework in place that best meets their individual circumstances and needs – helping to drive enhanced organisational performance while at the same time aiding conformance with various requirements (e.g. the company’s constitution, policies, controls and procedures as well as with applicable external regulations and laws)” (Australian Institute of Company Directors, 2011)
Companies following the AICD’s effective governance framework would have appropriate regard to the:
- >contribution of individual directors;
- effectiveness of the board and board performance;
- way in which governance is applied throughout the organisation;
- strength of the relationships the organisation fosters with its stakeholders.
Self-assessment:
- Do you understand your director’s duties?
- When was the last time you evaluated your board’s performance?
- Are your committees functioning properly?
- Do you spend enough time discussing the future?
- Do you have a diverse board?
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Have you got a good mix of board competencies?
Take a moment and fill in the self-assessment survey below:
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