Checklist for assessing board composition

The ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, functioning on an if not, why not basis, recommends that companies should have and disclose a board skills matrix that sets out the mix of skills that the board currently has or is looking to achieve in its membership.

Larger listed companies have been using a board skills matrix of some description for a number of years to assess the current skills, background and experience of those on the board and to identify any gaps that may exist.

Disclosing the board skills matrix has the incentive of increasing the accountability of the board in ensuring it has the skills to add value and meet its obligations. 

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