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The pace of change is accelerating so now is the time to be BOLD!
October 17, 2022
The Derwent Board practice hosted another successful roundtable event with guest speakers Dr Juliet Bourke and Christine Holman discussing the recent research project by the 30% Club Australia and Deloitte Australia, please click HERE to view the report. Boards will need to meet a multitude of challenges and opportunities arising from an increasingly complex environment – this is demonstrated by the recent pandemic, geo political issues and a range of economic shocks. The pace of change is accelerating, so now is the time to be BOLD:
Some key takeaways were:
- As per the Telstra case study, diversity should be viewed with a broad lens.
- Boards should consider broadening the brief and adding new skills and capabilities to the Board from non-traditional areas for example People and Culture; “culture eats strategy for breakfast”.
- More time and attention should be spent on understanding and acquiring the skills and capabilities required around the Boardroom table.
- An opportune time for Board re-evaluation could be after adoption of new strategy.
- Executive search firms should present a more diverse pool of candidates for consideration in Board succession processes.
- Boards could consider being less rigid around Board tenure to align Board talent to the needs of the future.
- The role of the Chair is critical in providing proactive and supportive leadership during this transition period. Bold leadership in advocating for diversity of thought is key to navigating change. As commented by Bridget Loudon, “The more conservative your board is and stays, the more conservative your ambitions. I am worried that Australia does fall behind and we’re not as courageous as organisations as we could be.”
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