In the current climate, the media have placed a spotlight on embarrassing news reports and scandals in the Boardrooms. These cover a range of issues such as corruption, fraud, labour rights, climate harm.
Invariably when things go wrong in a company, public scrutiny is directed at the Company’s board. The Board of Directors carry a heavy responsibility to ensure that a duty of care and good governance are properly observed and implemented.
With this in mind, the 30% Club Malaysia jointly organised a talk “Getting it Right at the Board – WHAT DOES IT TAKE?” on 18 August 2021, with the Malaysian Institute of Corporate Governance (MICG). This was specially put together for its corporate members, partners and the 30% Club Malaysia Mentee Circle.
The talk focused on Corporate Governance, by key presenter and subject matter expert, David Berry (Vice President, MICG). Frances P. , a volunteer with Activate Pillar of 30% Club Malaysia moderated the session and the Q&A.
The audience sat through an interactive session covering topics such as evolution of the code of corporate governance, effective Boards and directors, stakeholder management, symbiotic relationships between Boards and management, the courage to ask questions and more.
The presentation/dialogue was a power-packed session with valuable nuggets of learning. Some of the key takeaways from the session include:
- There is a difference between being an independent vs a good Director
- The is no such thing as a stupid question. When in doubt, do not be afraid to ask questions.
- Are the Board papers data-rich, analysis-poor and action poorer
- Directors need to keep updated and abreast of developments.
- Alignment of Board and stakeholder objectives.
- Governance in action, is what counts.
“An independent director is not a decorative ornament …. and has a role in governance.” (Quoting the presiding judge in a 2011 High Court ruling).