For some, the idea of good governance is nebulous. Abstract, perhaps. For those who do practise good governance, however, the benefits are practical for the organizations they direct.
The Institute of Corporate Directors (ICD) Newfoundland and Labrador Chapter and our nearly 300 members are advocates for well-functioning boards in our province. We believe that boards that are properly structured, have directors with the right skill sets and understand their role versus that of management, have a much higher success rate than those who choose not to follow the customary approach to good governance in this country.
In Newfoundland and Labrador, boards are vibrant in many sectors — not-for-profit organizations, Crown corporations, private and family owned businesses, and publicly traded companies. Some organizations have enjoyed years, if not decades, of good governance, and this has played a large role in their success. Even the best boards will tell you there are so many advancements in good governance throughout Canada, that it takes significant diligence to be on the front end of it.
We believe good governance aids economic health. Moreover, it’s not just economic health for one sector over another; rather, the collective of good governance means our entire economy can see improvements. Imagine if your organization could tap into legal, financial, talent management, diversity, reputation, environment and industry advice of individuals to help you run it better. Imagine also receiving direction on strategic planning and the future of your organization. That’s the power of good boards that enable better decisions, and ultimately improve business outcomes. If we all perform better, our economy gets better — and that’s good for everyone.
Whether your organization is manoeuvering through a period of growth, or whether it is just starting out, board oversight can be critical. Perhaps you are a family-owned business and you’re not sure how to choose your next leader. Or, maybe you have to implement a new public policy or are facing serious reputational impacts. With skilled directors bringing much-needed experience to the table, the best possible outcomes are much more likely.
Newfoundland and Labrador clearly has an appetite for good governance. We all want to be successful, and we desire a prosperous economy. Members of your local ICD Chapter are part of over 13,000 directors throughout Canada. Our national organization exists to provide top-quality and relevant director education, advocacy and thought leadership, and current resources to improve the performance of Canadian directors.
We believe that better boards equal better organizations that equal a better province and country. We have approximately 50 graduates from the ICD’s Director Education Program in Newfoundland and Labrador. When you're looking for new representation on a board of directors, look to graduates of this program. Tap into them today.
Karen M. McCarthy