Our premier annual gathering to explore the latest insights on the future of governance was held virtually on 2 November. We were joined by New Zealand's foremost business leaders who provided a thought-provoking day full of inspiration, fresh perspectives and new thinking!
Post-Covid we are seeing a sea change in what the public understands as effective ‘corporate governance’. The failures of our institutions laid bare during the pandemic in the private, public and not-for-profit fields internationally have created angry public momentum to investigate the competence of our directors. Their past failures of imagination to see ahead, to give direction, coupled with the failure to ensure prudent control of existing operations, shows our lack of understanding of the two integrated meaning of the phrase ‘corporate governance’. The public are beginning to realise that whereas we ensure rigorous training and regular assessment of, for example, our doctors and airline pilots, directors need only to pay a time amount to become ‘directors’. There is currently no expectation of assessed competence of them. This is unwise and the results are there for all to see. So whether you are a passionate believer in shareholder supremacy at one end of the spectrum or ESG wokeism at the other the public is beginning to demand answers of all directors. It is now time for directors to do their proper job.