Meghan Warren of Burke & Associates Lawyers recently attended the AICD’s Essential Director Update at the Melbourne Convention Centre.
The essential update, led by Graham Bradley and Angus Armour, focused on directors’ key duties and responsibilities, key developments in focus, ASIC priorities in 2019 and The Seven Director Questions.
A number of key areas have been in focus in 2018 including the ongoing development of whistleblowing and competition reforms, insolvency safe harbour legislation, data privacy and modern slavery legislation.
ASIC priorities in 2019 will have a strong focus on corporate culture (“do what you say you will do!”), the lost bank bill swap rate case against Westpac, “embedded” ASIC monitors and consumer protection.
AICD’s update concluded with The Seven Director Questions:
- 1. Do we set the right tone from the top?
- 2. Do we have good measures of culture?
- 3. Does our ‘cultural dial’ need to move from reactive to challenging?
- 4. Does the voice of customers ring loudly at the board table?
- 5. Do our remuneration policies have real sting?
- 6. Do we rely too much on our committees?
- 7. Do we have enough industry expertise and operational experience at the table?