As 2024 draws to a close, it’s an opportunity for us to take stock, assess our achievements and position ourselves afresh for the year to come, writes AICD CEO Mark Rigotti MAICD.
As the role of a director evolves, my team and I are committed to supporting our members to operate at the forefront of effective contemporary governance. We do this through a range of initiatives including tailored learning pathways, guidance resources and events that enhance our members’ capabilities.
The AICD does this by focusing on the positive impact we can have — for individuals, companies, the nation and the planet. While we can always do more to increase our impact, I’m pleased to say it’s been a record-breaking year for the Institute. More of you than ever before attended our landmark events, including the Essential Director Update, Australian Governance Summit and Climate Governance Forum.
Our commitment to educating directors and members remains at the heart of our refreshed strategy, so that individually you can be effective and supported, and so our companies and the nation benefit from improved governance.
It’s not just the Company Directors Course or Foundations of Directorship that build director capability. The networks we promote, our webinars and our self-directed e-learning are being accessed by more members than ever before. Covering contemporary governance issues and practice, the expanded webinar program continues to grow in popularity, with topics including:
AI Governance series and launch of the Directors’ Guide to AI Governance
Cybersecurity and cyber governance
Chair-focused Boardroom
Behaviours series
Legislative and economic updates
Care governance series
NFP governance
Climate reporting and greenwashing risks.
The AICD’s policy work is integral to developing and building on our education offerings. The policy team is focused on critical areas of governance to:
Support our members through policy reform
Provide practice guidance and resources, and build knowledge in critical areas
Contribute to stronger governance across our companies and communities.
Key issues for the year have been care governance in the context of the Aged Care and Disability Royal Commissions, cyber governance, climate-related financial reporting reforms, continuous disclosure, and the regulation and governance of AI.
A central theme in our engagement with government and regulators is the need for regulation to be proportionate, targeted and to appropriately reflect the oversight role of the board. Regulatory overload not only squeezes out the ability of boards to focus on innovation and value creation, but it produces a more risk-averse environment that can have a chilling effect on innovation and value creation.
One aspect of the AICD’s activities I’m incredibly proud of is our scholarship program, which continues to build each year. Providing the opportunity for directors and aspiring directors across the country to attend our education programs is a critical way we deliver on our purpose. This year saw the inaugural First Nations Directorship Scholarship, the Disability Leadership program and the Women’s Regional, Rural and Remote Scholarship program. Our NFP scholarship program was also extended to capture more regional involvement.
Looking to 2025
As businesses and their boards are faced with rapid technological advances, complex regulatory settings and a challenging economic outlook, the team at the AICD strives to support our members to navigate the dynamic governance landscape while having a positive impact on our companies and the nation.
Helping to meet these challenges is the purpose underpinning the digital transformation we’re undertaking, which will come to fruition in 2025. As we were reminded at this year’s EDU, big transformational projects are not an end in themselves. They’re a means to an end and I’m excited by the possibilities of our “platform modernisation” and the benefits it will allow us to deliver to our members.
Next year, also keep an eye out for the latest report on director remuneration and our new look Director Professional Development program. We know that maintaining your learning is a crucial part of being an effective director. We have taken your member feedback on board and simplified and enhanced the DPD program to better support you, as you continue along the path of lifelong learning.
Back in business
I’m very pleased to tell you the new Sydney Business Centre and Member Lounge has now opened at Darling Park. Thank you to everyone for your patience as we transitioned premises following a flood at our former office. If you are in Sydney or travelling to Sydney soon, I hope you enjoy the new facilities on offer to members.
I wish you all a safe and happy festive season and look forward to being in touch again in the new year.
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