Reflecting on the impact of the COVID-19 pandemic on board practices and processes, the insights in this report have been drawn from interviews and roundtables with directors and company secretaries, as well as a survey of Australian Institute of Company Directors members.
The confirmed ‘fit and proper’ criteria outlined in this response report focus on whether all directors and senior managers of lenders and mobile traders are competent, financially sound, honest, reputable, reliable and competent to do the job.
In previous eras, both sides of politics made inappropriate partisan appointments to the ABC board. Despite the ‘arm’s length, merit based’ reforms made in 2013, the appointment process has once again become deeply politicised. Basic governance standards are being breached.
Trust is critical to the maintaining an organisation’s social licence to operate. This new report shows that directors are acutely aware of the need for their organisations to maintain trust with stakeholders amid generally declining trust in all institutions.