This year’s corporate governance statements feature the Board Skills Matrix. Go past the generic management skills you’d expect: Boards are struggling to define relevant skills with sufficient precision. This lack of precision impacts its own assessment of current bench strength. Information technology is a good example. The type of IT skills you might need on the Board of Worley Parsons differs from the types of IT skills you want to see on the Board of a consumer staples company like Woolworths or a consumer discretionary company like Myer Holdings which differ again from the types of IT skills you want to see on the Board of Telstra … or on the Board of a shopping centre operator like Scentre Group, or on the Board of a financial institution like IAG or Suncorp or ANZ. Look at directors’ CVs: most don’t have recent executive experience in IT based roles or IT type entities for the types of activities companies aspire to undertake. Engage your investee company Boards to help refine the Board Skills Matrix (VIEW LINK)
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