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From audit reform and reporting requirements to frontier AI cyber threats, the AICD has been advocating on key governance issues while creating new opportunities for directors through mentoring, scholarships and education programs.
Here are some of the recent ways the AICD has been supporting directors, strengthening governance and shaping policy.
Influencing policy on behalf of directors
The Federal Government is pursuing significant reform in several areas that are increasingly central to the role of Australian directors, spanning privacy, climate reporting and modern slavery reporting. Concerningly, a number of these reform proposals are being consulted on in very short timeframes, depriving industry of sufficient time to consider the implications of complex proposed regulation. We will update members on the AICD’s policy position in these key areas in next month’s edition of ‘On Your Behalf’.
Separately, the AICD recently welcomed a Productivity Commission review into the growing number of non-financial reporting requirements facing Australian organisations. These include areas such as climate reporting, cyber and data breach notifications, and modern slavery reporting.
AICD calls for proportionate audit reform
In August, the AICD lodged a submission on the Federal Government's proposed reforms to the regulation of accounting and audit firms, supporting measures that strengthen audit quality, independence and accountability. However, it has cautioned against a one-size-fits-all approach that could increase costs, reduce market capacity and limit access to specialist expertise.
Instead, the AICD is advocating for targeted reforms focused on Australia's largest and most systemically important audit firms, while supporting measures such as stronger governance standards, enhanced regulatory oversight and periodic audit tendering for large entities. It has also urged policymakers to avoid regulatory settings that could undermine audit quality or create unnecessary burdens for organisations.
APRA closes in on finalising its new Governance standard
The AICD also made another submission to the Australian Prudential Regulation Authority’s (APRA) consultation on a new governance standard for all banks, insurers and superannuation funds in Australia. While the standard strictly applies to only a limited number of regulated companies it does set broader governance norms and expectations beyond financial services.
The update of APRA’s governance standards commenced in March 2025. In that initial consultation the AICD raised significant concerns with the level of prescription in many areas. Pleasingly in October 2025 APRA announced that it was softening some of its proposals (e.g. increasing the tenure limit from 10 to 12 years) and withdrawing other proposals (e.g. consultation with APRA on the appointment of directors and senior executives).
This latest submission on the draft standard recognises that APRA has moderated a number of the most contentious proposals and broadly the standard reflects stronger governance practices. The AICD continues to query whether the level of proposed prescription in certain areas, such as the skills matrix and board performance review, was necessary. Regulation should provide a board with sufficient flexibility and discretion to oversee an organisation consistent with the unique circumstances of the particular entity.
Engaging with Government on priority governance issues
Speaking at a recent AICD event, WA Premier Roger Cook joined directors for a discussion on the policy and economic issues shaping the state's future, including energy security, workforce capability, infrastructure and economic diversification. "Geopolitical tensions, economic uncertainty, supply chain disruption and the global energy transition continue to reshape the trade and investment dynamics that we experience around the world," said Cook.
Reflecting on WA's role in the energy transition, Cook told members: “In the 21st century, energy security and national security will become inseparable. That reality places WA the centre of some of the world's most important economic and strategic conversations." The discussion formed part of AICD's ongoing engagement with government on issues that matter to boards and the organisations they govern.
As highlighted below, the AICD has released a new Energy Governance resource, which is available here.
New guidance for boards
Preparing directors for emerging cyber threats
Mark Rigotti FAICD, Managing Director and CEO at the AICD, recently joined MinterEllison for the launch of it's annual Perspectives on Cyber Risk report at an event in Sydney. In his speech, he warned that artificial intelligence (AI) is rapidly changing the nature of the threat facing organisations and pointed out that traditional response plans may no longer hold up. Borrowing an analogy from ice hockey great Wayne Gretzky, he told the audience: "You have to play the puck where it's going to be, not where it is".
To address the emerging threats posed by cyber security, the Australian Signals Directorate and the AICD have collaborated on new guidance for boards on the increasing cyber security threats posed by frontier AI. The guidance assists boards in asking the right questions of management about how the organisation is addressing this evolving threat.
Understanding the governance implications of Australia's changing energy landscape
Building on the strong interest generated by the AICD's recent Climate Governance Forum, which successfully brought together directors, leaders and governance professionals to explore the challenges and opportunities arising from the climate transition, the AICD has collaborated with Associate Professor Tim Nelson GAICD and Dr Tracey Dodd GAICD to produce a new primer for Australian boards.
The resource explores what directors need to know about the changing energy landscape, including governance implications, emerging opportunities and practical questions to support board discussion.
Building capability and expanding opportunities for directors
Strengthening governance in PNG
Thirty-six emerging and established leaders from Papua New Guinea's (PNG) state-owned enterprise sector participated in the AICD’s Directorship and Inclusive Leadership Program, a joint initiative between Kumul Consolidated Holdings and the Australian Government.
The program combined five-day intensive AICD director education courses in Brisbane and Canberra with a six-month mentoring program, providing participants with practical insights into governance, strategy, director responsibilities, financial oversight and risk management while strengthening leadership capability across PNG's SOE sector.
Following the intensive training in Australia, participants were paired with experienced mentors from PNG and Australia to help apply their learning and strengthen leadership, governance and organisational performance across their organisations.
Speaking at a reception at the Australian High Commission in Port Moresby recognising participants and mentors in the program, the Australian Deputy High Commissioner said, "Strong leadership and effective governance are essential to building resilient institutions and delivering positive outcomes for communities. Australia is proud to support the development of leaders who will contribute to Papua New Guinea's continued growth and prosperity."
Expanded support for directors through personalised mentoring
AICD's Membership Reimagined program continues to gain momentum, with a new mentoring initiative attracting interest from hundreds of members. Developed in partnership with Kilfinan Australia, the immersive Personalised Mentoring Program carefully matches mentees with mentors for a year-long experience that includes regular check-ins and structured support.
The mentoring program is part of a broader effort to create a more personalised membership experience. New features being rolled out include tailored member pathways, digital badging and five Director Toolkits designed to support senior executives and directors at every stage of their governance career.
New scholarship opportunities support future directors
Finally, the AICD recently announced it will be offering more regional scholarships in the not-for-profit sector next year and introducing a new First Nations scholarship. Over 170 current and aspiring directors will undertake the Governance Foundations program, helping strengthen governance capability in community organisations across the country.
Twenty-five scholars will take part in the First Nations Foundations of Directorship Scholarship, which will run alongside the First Nations Community Governance Pathways Scholarship program, which will have 125 places available.
Together, these initiatives reflect the AICD's ongoing commitment to broadening access to governance education, supporting diverse leadership pathways and helping build the next generation of directors in communities across Australia.
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