Staying ahead in governance

Staying ahead in governance is a critical part of modern board director education. It enables board members to keep informed and lead with foresight and integrity. 

The critical thing to remember is that corporate governance is a high-stakes environment that is constantly changing. You’ll only succeed in this space through constant awareness of risk and opportunities. Doing this means you can help safeguard your organisation and foster a culture of proactive compliance and innovation.

Rapidly – there’s no other way to put it. 

Directors with decades-long careers can quickly notice the change, particularly if they compare today’s responsibilities with those of when they first started out. 

Advancements in technology, stricter regulatory rules, economic shifts, and geopolitical developments are among the factors driving changes.

Sometimes, these things can drive slow-moving, long-term changes. Other times, the change is more immediate. And if the last five years have taught us anything, it’s that businesses need to be prepared for sudden market shocks. It’s happened before; it will happen again.

The bottom line is that staying ahead in governance is crucial for directors. If you don’t do this properly, you face being overwhelmed by risk and missing out on growth opportunities. In other words, you will fail two of your core fiduciary duties as a director. 

Staying ahead of governance is the strategic necessity that enables you to effectively anticipate what’s coming, as well as avoid the dreaded scenario of arriving at a board meeting in crisis mode because your company can’t keep up with its changing industry. 

Regarding your own professional development, staying ahead of governance trends establishes you as the educated, proactive go-to for all things governance. You’re automatically someone colleagues and other stakeholders can count on for realistic and strategic insights, which is hugely beneficial in a competitive environment like corporate governance.

There are several ways – let’s run through the primary examples now:

Consume the right media every day, before, during, or after work—whatever suits you best. Common publications that speak to a governance audience include Forbes, Fortune, Politico, The Times, and the Wall Street Journal, not to mention the more localised business publications in your region. You should also consider podcasts as part of this; they’re a unique opportunity to consume complex information on the go—perfect for busy people.

Ensure you actively participate in governance-focused associations, often providing insights into current trends and best practices. These organisations typically offer seminars, workshops, and conferences that are crucial for staying updated.

Yes, dedicated corporate governance or ESG qualifications are available that cover all modern governance essentials.

Build and maintain a network of professionals, and ensure it includes people from both inside and outside your industry. It’s an invaluable asset and perfect for getting a unique, qualitative view of what’s going on.

Consider sharing your own experiences as part of thought leadership programs. It’s your chance to share your thoughts on where governance is going and, crucially, to receive feedback from other professionals that can shape your understanding.

• You can proactively follow governance trends and ensure you never feel like you’re “catching up” or out of your depth. 
• You can significantly influence your company’s strategic direction for the better. 
• You will be more able to anticipate market shocks or, at least, respond to shocks once they occur. 
• You’ll be seen as a valued board member amongst your colleagues. 
• You can help keep your organisation out of trouble with regulators – trouble that can often lead to PR headaches and financial penalties. 

Staying current is imperative for any director committed to upholding and advancing the highest standards of corporate governance. By embracing continuous learning and staying engaged with the global governance community, directors can lead their organisations to thrive in a complex and ever-changing business environment.