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Out of the Shadows and Setting the Cultural Tone: The Board’s Role in Relation to Organisational Culture
As the (virtual) ink dries on this (virtual) paper, there is shared Australian community outrage at the excessive, extensive and seemingly endemic bad conduct by employees of the major banks and finance houses. However, whilst loss of community confidence in institutions was once seen as the domain of large corporations, loss of community confidence in not-for-profit organisations and institutions is at an all-time high in Australia.
Poorly managed conflicts of interest in the boardroom can cast long shadows. They can inflict lasting damage on the dynamic and operation of the board. For as long as boards are made up of people they are likely to continue to be one of the most common sources of boardroom tension and yet are still amongst the least well understood.
When it comes to many such decisions confronting boards today, too often the board feels at sea. Too much technical information and too little familiarity around the board table with the concepts concerned can result in the board not only failing to add value but instead subtracting value.
You may be amongst the many company directors mired in dozens, hundreds (perhaps thousands depending on the size and complexity of the company) of pages associated with the – always festive – end of financial year sign‑off season.
This paper seeks to explore a number of corporate cases and their impact on the law applicable to, and therefore the practice of, directorship in boardrooms across Australia. This paper does not…