Despite the high-profile corporate governance failures of recent years, many boards of directors still do not receive formal governance training. This can have far-reaching implications for a company \u2014 from a competitive advantage and leadership standpoint, most especially \u2014 since boards can either fail to fulfil their fiduciary duties or reach their strategic potential. <\/p>\n\n\n\n
In this article, we provide an overarching overview of governance training and discuss what directors and companies stand to gain from it. Finally, we discuss what to look for in these programmes.<\/p>\n\n\n\n
Governance training provides directors with a thorough understanding of their fiduciary duties<\/a> of 1.) acting in good faith, and 2.) serving the best interests of the company. It can offer an in-depth look into directors\u2019 roles and legal liabilities, the function of the board as a body, and enlighten directors on current issues and hot topics in the areas of corporate governance, risk management, audit and financial reporting, strategy, culture, board performance and dynamics. <\/p>\n\n\n\n Its purpose is to ensure that all members of the board are fully equipped to discharge their duties in an effective and efficient manner. Governance training programmes help directors acquire the skills and confidence to maximise their contributions to the board.<\/p>\n\n\n