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Across the Board – February 2019

Across the Board – February 2019

Creating and retaining a position of trust amongst community stakeholders has never been more important, or indeed complex, for corporate Australia.

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In this edition of Across the Board, we reflect on discussions with more than 150 Directors on the intersection between trust and board accountability for non-financial risks. In particular, we discuss the introduction of modern slavery reporting legislation in Australia, the challenges it presents for board members and the importance of ‘getting it right’ as a means of retaining trust and a social license to operate.

We also dissect the findings and recommendations from APRA’s Prudential Inquiry into the operations and governance of CBA, as well as delve into topics around the cultural drivers of organisational performance, data privacy, and removing bias from board decision-making.

In this edition

  • What we've learned talking to 150 directors about trust and modern slavery
    We shine a light on the intersection between trust and board accountability for non-financial risks, following our discussions with over 150 directors. In particular, we focus on the introduction of modern slavery reporting legislation in Australia, which will require boards to approve a mandatory, public, annual Statement on the risk of forced labour, debt bondage, trafficking and other slavery-like practices in their operations and supply chains.
  • A non-financial crisis
    We reflect on the findings and recommendations from APRA’s recent Prudential Inquiry into the operations and governance of CBA. The insights and recommendations around frameworks, operating effectiveness and culture have been particularly informative to industry inside and outside of financial services.
  • Cultural drivers of organisational performance – why the ‘soft stuff’ matters
    One of the biggest challenges facing Australian company directors is around issues impacting internal culture and practices. Getting these foundations right is critical to building organisational reputation and trust, as well as improving overall performance.
  • Board talk – dealing with Data Privacy
    Data can be one of the most valuable intangible assets for organisations – providing an important differentiator, enabling better product development, personalised customer offerings and an edge over competitors. In this article we discuss the latest regulatory and community expectations around data management and how these need to be balanced against business objectives.
  • From discussion to decision – effective board decision-making
    We explore a new digital tool that can help remove bias from boards and enable them to make effective decisions in an efficient manner.

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