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The Review Team
Board Development Specialist
Captive Board Specialist
Captive Board Specialist
Captive Consultant & IT
Important Changes & Regulations Effecting Boards and Board Members
What is Expected of Directors Has Changed
There has been an important convergence of revised global Rules, Codes, and Regulations. These combine to create new and important expectations of Boards and their Directors. Particularly in financial services. The more you look the more you find.
Here are a few examples of the new and powerful revisions:
* UK Corporate Governance (UK Code)
* The Financial Reporting Council (FRC)
* Quoted Companies Alliance (QCA) Codes
* Professional Codes: (e.g. AIRMIC)
* National and Jurisdictional Codes and Regulations:
UK, USA, Canada, Europe, India…
Guernsey, Jersey, Gibraltar, Vermont, Bermuda, Ireland,…
The reason for this is clear post-pandemic. Organisations have been subject to the stress test of the century. The shock is: so many have failed. Failed their shareholders and failed their stakeholders. The fallout for nations, cities, communities and the public is huge>
The view is Directors have not been living up to the worlds expectations of them. This level of pain was neither expected nor appropiate. Going forward, this can be much better. this is now changing what was implicit, now with eye watering clarity:
For Boards, Committees, Chairs and Individual Directors of every company? They are now expected to subject themselves to formal rigorous evaluation. Every Year!
For Directors, Executive and non Executive (and others at Board)? They are now expected to do their jobs really well – because they are Directors! In effect registered fiduciaries!
When does this become important and what does this mean?
If anything goes wrong, insolvency, catastrophe, failure, etc?
Then the measure brought to bear is simple. Would what these directors have done be seen as appropriate and professional? When viewed by leading professionals in their field?
In other words. Did directors do what they could have done when they should have done it? A slew of recent fines and court cases show severe punishment of individuals can now follow where this test is not met.
So how do you assess your Board’s Risk?
Complete the risk assesment below. You will receive an immediate self-assessment Risk Exposure Score. You can then request more detailed personal feedback to discuss how you can respond to reduce your Board’s risk.
Malcolm and Thomas
A Lifetime of Thought Leadership in Insurance
Leading Expert in Releasing Potential of Boards