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This professional development course, in collaboration with the Australian Institute of Company Directors (AICD) will run over three full days. The Foundations of Directorship program consists of six sessions delivered across three courses—Governance for Directors, Finance for Directors, and Strategy and Risk for Directors. Each day will start at 8:30am and conclude at 5pm.
Optional assessment is available, where successful participants receive the Foundations of Directorship certificate.
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Day one - Friday, 7 August: Governance for Directors provides participants with an introduction to the functions of a board, the wide range of directors’ duties and responsibilities, the internal and external relationships of the board, and best practice for conducting effective board meetings. Participants develop a deeper understanding of director performance best practice as well as compliance requirements.
Day two - Friday 14 August: Strategy and Risk for Directors provides participants with an understanding of how to focus on the long-term direction of their organisation, i.e. how to contribute to discussions about what the organisation is going to do and how it is going to achieve it. The course also discusses director knowledge of risk, with the aim of improving participants’ understanding of what risk is and of how risks faced by organisations are identified and measured. Participants will also investigate ongoing assessment and treatment of risk.
Day three - Friday 21 August: Finance for Directors provides a straightforward introduction to financial statements from the director’s perspective. Participants will explore the three key financial statements: the balance sheet, the income (profit and loss) statement and the cash flow statement; and discover how directors use these statements to monitor financial performance and to assess overall company performance at board level. The course also examines the financial aspects of directors’ statutory duties and non-financial indicators of company performance.
Please note that the Council is partnering on the AICD Foundations of Directorship, rather than the Company Directors Course, due to time commitment of participants, cost of the program and the skill acquisition required by participants to fulfill their roles with portfolio companies.
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Course Content:
Governance for Directors
This course consists of two sessions—The Role of the Director and the Board and Introduction to Board Meetings and Governance.
The Role of the Director and the Board provides participants with an introduction to the functions of the board and the wide range of directors’ duties and responsibilities. It outlines the key functions of a board, the role of a director, and the internal and external relationships of the board. Participants develop a deeper understanding of director performance best practice as well as compliance requirements.
At the end of this session, participants will be able to:
- Explain the role and key functions of the board and its directors.
- Explain the purpose and essential features of corporate governance.
- Discuss the key duties, responsibilities and rights of directors.
- Illustrate the consequences of breaching directors’ duties and responsibilities.
- Consider the relevant regulatory frameworks applicable to boards and directors.
Introduction to Board Meetings and Governance provides an overview of how boards and directors undertake their roles. Participants will explore sound governance processes and practices, learn more about the composition and structure of the board, and develop reputable practices for conducting effective board meetings.
At the end of this session, participants will be able to:
- Consider a board’s composition, structure and performance.
- Identify relevant board meeting protocols and procedures (including the use of committees).
- Recognise the value of director evaluation and ongoing professional development.
- Explain how to make an informed decision when considering joining a board.
Finance for Directors
This course consists of two sessions — Introduction to Financial Statements for Directors and Assessing Financial Performance for Directors.
Introduction to Financial Statements for Directors provides a straightforward introduction to financial statements from the director’s perspective. Participants will explore the three key financial statements: the balance sheet, income (profit and loss) statement and the cash flow statement; and discover how directors use these to monitor financial performance. The session also examines the financial aspects of directors’ statutory duties.
At the end of this session participants will be able to:
- Outline directors’ duties with regard to:
- solvency; and
- statutory financial reporting
- Interpret the financial statements of an organisation.
- Understand the importance of effective cash management.
Assessing Financial Performance for Directors helps participants to assess company performance at the board level. It introduces key financial data and demonstrates how directors can use it. The session also covers non-financial indicators of company performance.
At the end of this session participants will be able to:
- Interpret financial performance using trends and ratios.
- Identify when an organisation is facing solvency issues.
- statutory financial reporting
- Outline the board’s role in setting budgets and monitoring performance.
- Outline the use of Key Performance Indicators (KPIs) in monitoring performance.
Strategy and Risk for Directors
This course consists of two sessions — Introduction to the Strategic Role of the Director and Risk: Issues for Directors.
Through Introduction to the Strategic Role of the Director, participants will develop the skills required to discuss and evaluate the formulation and monitoring of organisational strategy. Participants will also gain an understanding of the role strategic planning plays in the long-term financial health and wealth creation of their organisation.
At the end of this session participants will be able to:
- Describe the key stages within the strategic planning process.
- Consider the board’s and individual director’s roles within each stage of the strategic planning process.
- Apply commonly used strategic planning and monitoring tools and frameworks.
- Identify key causes of strategic risk and how those risks can best be treated.
- Link strategy to financial health and value creation.
Risk: Issues for Directors focuses on the director’s knowledge of risk. It aims to improve participants’ understanding of risk and how risks faced by organisations are identified and measured. Participants will also learn about the ongoing assessment and treatment of risk.
At the end of this session participants will be able to:
- Consider the importance of an organisation developing and implementing robust risk management practices.
- Describe how to establish the risk appetite of an organisation.
- Illustrate the link between strategy and risk management.
Continuing Professional Development
Participation in this program constitutes verifiable CPD for 21.5 hours.
The Australian Investment Council Event Terms and Condition can be viewed here.