Earlier this week TMS Consulting CEO, Helen Wood, and Director, Consulting, Bianca Hayes attended the fifth annual Australian Governance Summit in Sydney with the Australian Institute of Company Directors.
With the trending ‘new line of sight’ theme, attendees were encouraged to consider the fundamental role of the Director and the Board with the multitude of challenges facing Boards today and into the future. Discussions explored the role of the Board given the emerging challenges of bushfires, climate change, COVID-19 and ever-increasing regulation. Issues such as digital and workforce transformation, enhancing and measuring organisational culture, the Board’s role in setting organisational purpose, governance issues in the not-for-profit sector, and an engaging debate on diversity were covered by the presenters.
For TMS, there was a strong resonance throughout the summit for our work with Boards, in our own directorships and for the consulting services we provide to leaders. We regularly encourage leaders to provide line of sight for their employees from operations through to the Board and to confirm the strategic intent. Not only did this summit offer new ideas and opportunities to network with a variety of Board directors, but also provided a valuable reflection on leadership in organisations as we prepare for the future.
Key learnings that TMS leaders took away from the summit included:
- The culture of the organisation must be set and modelled by the Board and Management
- The value of courageous conversations is they allow for consideration of a diversity of perspectives
- Boards can future proof their organisations to respond to unpredictable events more effectively if they are planning ahead, undertaking effective risk mitigation and ensuring diverse views and debate at the Board table
- Boards must consciously cultivate difference and diversity across a range of areas to be effective
- The need for Boards to make choices for the long term, even if it causes stress in the short term including ensuring they are hearing and seeing the voice of their clients and customers
- The important role Boards and Directors play in balancing the organisation’s risk appetite; between creating a safe environment for acceptable risk taking to foster innovation and compliance
With an increased understanding of the future of corporate governance, expectations of Boards and leaders, TMS looks forward to continuing to work with our clients in preparing their organisations and workforces for the future.
If you need assistance in Board Effectiveness or achieving ‘line of sight’ in your organisation, contact TMS Consulting at solutions@tmsconsulting.com.au
