Good corporate governance is a complex art, not easily given to the intrusive regulatory frameworks directors now face. The more extensive the regulations, the more demanding is the compliance, the more onerous are the regulatory liabilities, and the more risk averse directors may become.

The converse of this situation is that companies face an increasingly competitive and rapidly changing commercial world where success invariably demands more risk taking, not less. The trick for directors is how to navigate successfully through this myriad of challenges.

The speech draws upon Sir Roderick Deane's extensive experience as a former Chairman of several of NZ's largest companies, Fletchers, Telecom and the ANZ National Bank; as a CEO of two of the country's largest companies, Telecom and ECNZ; as President of one of NZ's major voluntary welfare organizations, the IHC; as a Director of several substantial overseas companies, in both Australia and Canada: and as a former Head of the NZ State Services. He was also Deputy Governor of the Reserve Bank of NZ during the extensive economic reform period of the 1980's and was earlier a member of the executive board of the International Monetary Fund in Washington DC.

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