As the year 2023 unfolds, the economic outlook is not as negative as feared last year and the AICD has identified three key issues for directors, according to AICD CEO and Managing Director Mark Rigotti MAICD.
The three main issues that should be treated as priorities by boards included mandatory climate reporting, cyber-security and implications flowing from the ASIC prosecution of directors and officers in the Star Entertainment case.
The Star case was on the minds of directors. It was a “significant and compelling case”, he said. “When action like this is taken, it makes every board stand up and take notice” he told the summit. Boards would be watching to see the outcome of the case.
Mandatory climate reporting was a critical step in tackling climate change, in order to establish frameworks to support high quality disclosures, he said.
An important element would be to “tailor liability settings to create an environment where directors feel comfortable to make fulsome disclosure without undue fear of litigation risk”.
He said the AICD was on track for a strong year. “So there are lots of opportunities despite all the headwinds we must navigate.”
The AICD will elevate its focus on members, rationalise our services to concentrate on what is important and streamline and digitise offerings. It would also strengthen its policy and advocacy work on regulatory reform.
At AICD we are operating at beyond full capacity for courses and our membership continues to grow and we are committed to improving our event experience.
“The world economy and the Australian economy are in better shape than we feared,” said Rigotti.
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