Board Ready Building corporate governance capability

Board ReadyBuilding corporate governance capability

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With a workforce of almost 38,000, Westpac Group has very high levels

of diversity in gender, cultural identity

and age. We need to ENSURE we provide every individual with the opportunities and support to realise their full potential.

We are delighted with

Company Directors’ Board Ready program, which is

designed to increase the STRENGTH and

diversity of our future leaders. Gail Kelly, Chief Executive Officer, Westpac Group Partner, Board Ready program, NSW

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companydirectors.com.au


Board Ready is an applied learning program for senior executives of ASX 200 and equivalent organisations. The target group is specifically executives reporting to the CEO.

Board Ready is primarily designed to assist in developing a robust pipeline of talent being groomed for, already sitting on, or reporting to main/subsidiary/joint venture boards or perhaps sitting on an industry or not-for-profit board. It enables participants to be better equipped to work with the boards in and outside of their organisation.

Program objectivesThe purpose of Board Ready is to develop senior managers of large corporates in the application of boardroom behaviours and practices, enabling a pipeline to be built.

The objectives of the program are to:•Develop the capacity and capability of senior managers to contribute to

subsidiary, joint venture boards and organisation associated not-for-profits, and to potentially become an executive director of the corporate entity.

•Maximise ‘learning through practice’, reflection and action planning at board meetings.

•Provide opportunities for multi-disciplinary interactions.

•Build a career pipeline from executive to director.

What makes Board Ready unique?The program involves a challenging, simulated board environment coupled with facilitated, interactive information sessions. Participants are appointed to a board and ‘live the life’ of a non-executive director of an ASX-listed multi-national organisation for the duration of the program. The board context is set in the future to stretch commercial mindsets.

The program is demanding and participants experience real-life situations. The combination of existing workloads and the requirements of the program give an edge that is typical of board work.

The program focuses on bringing the full value of diverse knowledge, skills, backgrounds and experiences to bear at the board table.

For the duration of the program, participants are provided with an iPad containing relevant course materials.

What are the benefits of Board Ready? • Improved skills in strategic

planning and execution as well as systemic risk management at a board level.

•An enhanced level of board engagement and reporting among executives.

• Peer-level networking, development of cross organisational awareness and relationship building.

•The emergence of a strengthened governance culture that promotes organisational performance.

Board Ready assists in the strengthened appreciation of sound governance principles and practice. It provides an experienced-based introduction to the commercial reality of a listed corporation.

Who delivers Board Ready?

The simulated board environment is guided by one of our accredited facilitators and mentored by an ASX 200 non-executive director. Mentors have included:

•Arlene Tansey faicd Adelaide Brighton Pacific Brands Lend Lease Real Estate Investments and Funds Managment

•Michelle Tredenick faicd Bank of Queensland

•Philip Twyman faicd IAG Perpetual

•Beth Laughton faicd JB Hi-Fi Australand Group

•Fiona Balfour faicd Metcash Salmat

•Kathleen Conlon faicd Lynas Corporation CSR

The information sessions are delivered by Company Directors’ accredited facilitators. Panels of highly experienced directors are an important part of Board Ready. Panelists have included:

•Kevin McCann am faicd Origin Energy Macquarie Group

•Graham Bradley am faicd Stockland HSBC

•Michael Hawker am faicd Macquarie Group Aviva Washington H Soul Pattinson

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Corporations involved with the program have included: Westpac | Insurance Australia Group | Woolworths | Herbert Smith Freehills | Macquarie Bank | PricewaterhouseCoopers

Topics for information sessions include:

•Transitioning to Leadership in the Boardroom

•Thinking like a Director

•Board Committees

•Risk Analysis, Investigation and Oversight

•The Board’s Role in Mergers and Acquisitions

•Boardroom Communication Skills

•Developing your Director Career

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How is Board Ready structured?

All PARTICIPANTS on this program will return to their

workplaces with an increased awareness of the role of the director and an understanding of how to improve their reporting to, and relationships with, the board. Philip Twyman FAICD Board Ready mentor

Participants are assigned to the board of a fictional, listed, multi-national company. The companies operate in a real world context, which is set a few years into the future.

Four board meetings are held with each meeting focussing on a real life issue. Formal board processes are adhered to, including elections of chairs and committees, and minutes are taken of each meeting. The board facilitators and mentors guide informal discussions with the board members to encourage learning and reflection.

At the conclusion of the program, board members present to their shareholders in the style of a board reporting session. They summarise the progress of their company over the year and also feed back on their personal learning from the experience.

The board meetings are a highlight of Board Ready and provide participants with the opportunity to put existing knowledge into practice, apply the formal learnings gained from the information sessions and experiment with new ideas and roles in a ‘safe’ environment. Guidance and mentoring enhances the experience by offering an opportunity for frank and open discussions around board decision making and dynamics.

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Information sessions complement the boardroom experience and allow all program participants to come together and interact. The topics cover both technical and behavioural content. The delivery acknowledges and draws upon the experience of participants, with a focus on practical case studies encouraging discussion. Some of the information sessions include panels where senior board directors share their experiences with participants.

Simulated board meetings 2 Group information sessions

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How is Board Ready delivered? There are two delivery formats for Board Ready.

The Board Ready program is delivered over two blocks – one of five days and a second of two days, approximately three weeks later.

The program is delivered over seven, one-day sessions, spread over six months. This delivery option is supported by an online learning environment, providing program information and resources and enabling continuous interaction between participants.

In any given year, one or both of these formats could be scheduled.

The program involves a significant time commitment from participants, not only regarding face-to-face attendance on the program, but also reading and board work outside program hours.

To be able to hear first hand experiences from

some of the most DISTINGUISHED DIRECTORS

and chairmen in Australia and to be able to ask them

questions in an open forum makes Board Ready unique. Pippa Downes GAICD, Board Ready participant

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1 Intensive

2 Six months

How are participants assessed?Participants are assessed under three areas:

•Attendance and participation in board meetings, information sessions and board reporting sessions.

•An independent board assessment at the Board Reporting Session.

•A post-course assignment which focuses on how participants will use the learnings from the program to add value to their organisation.

Are there any prerequisites?Attendance at either the Company Directors Course or the International Company Directors Course is essential at least six months prior to commencement of Board Ready.

How much does it cost?$12,000 per participant.

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Morning Afternoon

Welcome and orientation

Meeting your company and board

Transitioning to Leadership in the Boardroom

Thinking Like a Director

Working lunch with industry expert

Board Meeting one

Chairman briefing

Board Committees Risk Analysis, Investigation and Oversight

Audit Committee meetings

Board Meeting two The Board’s Role in Mergers and Acquisitions

Risk Committee meetings

Board Meeting three Boardroom Communication Skills

Nomination and Remuneration Committee meetings

Board Meeting four

Board Meeting review

Developing your Director Career

Board Reporting Session planning and preparation

Board dinner

Board Reporting planning and rehearsal

Board Reporting Session conducted

Feedback and program close

Farewell lunch

Sample program outline

Program content may be subject to change.

Learning delivery styles include:

Mentoring and coaching | Individual communication skills coaching | Learning loops | Facilitated learning | Learning into practice

Day one

Day two

Day three

Day four

Day seven

Day six

Day five

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Board ReadyContact information

Maggie McKelveyManager, Corporate ServicesAustralian Institute of Company Directors Level 30, 20 Bond StreetSydney NSW 2000t: 02 8248 8418f: 02 8248 8444 e: [email protected]

Board Ready Building corporate governance capability

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Transcript of Board Ready Building corporate governance capability