Latest news with #InstituteofDirectors
Otago Daily Times
4 days ago
- Business
- Otago Daily Times
Governance about realising responsibility for ‘whole piece'
Accountant and governor Rachel McLauchlan answers questions at a lunch for women in governance in Dunedin this week. PHOTO: GREGOR RICHARDSON Being asked to join a board is a privilege and aspiring directors need to understand it is a huge responsibility that must be taken seriously, Rachel McLauchlan says. Since returning to Dunedin 14 years ago after a decade working in London, Ms McLauchlan has developed a strong interest in governance across various sectors including property, fast-moving consumer goods (FMCG), manufacturing, technology and education. Responsibility for board decisions sat with everyone. "It's about everyone realising they are responsible for the whole piece," she said. It was while working for a United States-listed company in London that the chartered accountant had the opportunity to see so many different aspects of such a huge organisation, including strategic decisions being made. Questioning the reasons behind those decisions started to whet her interest in governance. That was coupled with her brother's own prominent career in business and governance and him talking to her about what was going on in his world. Describing herself as a very proud Dunedinite — and also very proud mother-of-three — Ms McLauchlan grew up in the city, attending both school and the University of Otago, completing degrees in commerce and law. After graduating, she moved to Auckland, embarking on her professional career at KPMG where she had an "amazing time", with exposure to many different industries, businesses and sectors. She later travelled overseas with her husband and landed a role with the US-listed company in London. Shifting from practice into industry was a big step, she recalled. Returning to Dunedin was also a big step professionally, having been away for quite some time. But she was loving living and working in the city and being part of the community. Her first network connection was through the Institute of Directors, an organisation which people encouraged her to join. Former branch manager Vivienne Seaton suggested she do the governance development programme and she discovered a "fantastic network of people". While she was an accountant and also did consulting, she was interested in exploring the governance space and the institute had been very good at opening the pathway and giving her ideas on how to do that and what skills she needed. She has served on the board of Whitestone Cheese and is currently on the boards of Otago Innovation, Hillcrest Properties, Columba College board of governors and is a trustee for the Transition to Work Trust. Asked who had been instrumental in her governance career, Ms McLauchlan said she had "just clicked" with Queenstown-based professional director Sarah Ottrey whom she got chatting to during a coffee break at an Institute of Directors national conference. Over time, she was someone she would bump into and, once she got to know her, she was able to "pick her brain" and ask her for ideas. "Sarah is just wonderful, she gives up so much time for people. You need someone like that in your life you can pick the phone up or ask a question," Ms McLauchlan said. Flipping that around, she now tried to do that with other people. Another influential person had been her late father who was also involved in the business community in Dunedin and was a very positive person, something that she also endeavoured to be. Management did not sometimes understand what governance was there for and what a director actually did. Some people were "almost scared" of board meetings and directors and that was a real shame. "Directors are on the team of the business, they are just part of the organisation. They are the umbrella on top of everything." For those starting their governance career, it was a huge learning curve particularly when they joined their first board because they were trying to understand not only a business, but also the terminology which could be very specific to that business. So it was about listening, particularly in that first year, and being respectful of institutional knowledge — "sitting there and tapping into it as much as you can". When considering a role, it was important to do due diligence — "please understand the financials of any organisation" — get a feel of it and ensure it was the right fit. Directors needed to be clear about why they wanted to be on a board. Many governors started their career in not-for-profit roles and the experience gained there, whether on school boards or sports organisations, threw up a huge amount of governance issues. "I think you see it all, I think it's great preparation for going into that commercial space." There was a "very delicate dance" between governance versus management and the critical thing in any board and management relationship was a good relationship and alignment between the chairman and chief executive. "If that relationship is not strong, the organisation is not going to flourish." Asked what directors were thinking about at the moment, she said board succession was relevant and, with that, a skills matrix. When looking at a board, it was important to understand the skills of each board member. "Everyone brings something different to the table." Lately there had been government policy changes and discussion around how that was impacting organisations. Boards were also grappling with the "tariff world". "It's quite an unsettled world at the moment and people are quite unsettled. Being aware of that is really important," she said. Plus, everyone was talking about artificial intelligence. While there was a lot of debate around it, Ms McLauchlan said it was "just another tool to use". Asked how her own values had supported her, Ms McLauchlan said being someone who was trustworthy was very important. "Trust for me is critical. Feeling like people can trust you and you can trust in someone else is really important. If you don't have that, you have a problem." Building connections and relationships with those you worked with was also important and having integrity and showing respect — even if you did not agree with a point of view — was critical, she said. Asked about imposter syndrome, Ms McLauchlan said "the feeling of being completely out of your comfort zone" was common going into a new board setting, but that was normal. If she was feeling a little uncomfortable, she would ask lots of questions — not necessarily at a board meeting — and, if she was not understanding things, she would reach out to the organisation. There was no such thing as a silly question. When it came to culture, that could change very quickly and it did not take much to upset the culture of a board, particularly if strong personalities were involved. "For me, a lot of culture comes from that respect that everyone has for each other and that philosophy of supporting each other and being aligned with the purpose of the organisation and what you're there for. "When you've got a good culture, work really hard to hold on to it," she said.
Business Post
7 days ago
- Business
- Business Post
Taiwan Trims 2025 Growth Forecast Amid Tariff Concern
Over 900 hotels and guesthouses in Ireland are eligible to join a collective legal... The head of the world's largest aircraft leasing company has called on U.S. President... The Institute of Directors (IoD) Ireland, a membership body for directors and business... New Zealand's central bank cut its benchmark rate by 25 basis points to 3.25 per... Taiwan lowered its economic growth outlook for this year, reflecting concern about... IDA Ireland sought the views of Irish-based pharmaceutical companies on the EU's... Rio Tinto's board and Jakob Stausholm agreed to part ways last week amid mounting...
Business News Wales
21-05-2025
- Business
- Business News Wales
IoD Launches Global Leadership Programme Featuring Erin Brockovich
The Institute of Directors (IoD) has launched a global leadership programme featuring keynote speaker Erin Brockovich. The Global Certificate in Company Direction has been created by the IoD in collaboration with the University of St Andrews Business School. It aims to equip directors with the knowledge, skills, and strategic insight to lead effectively. The programme combines governance expertise, academic excellence, and immersive board simulations. Environmental activist and consumer advocate Erin Brockovich will deliver an exclusive in-person session at St Andrews. Professor Mark Brewer, Dean of the University of St Andrews Business School, said: 'This collaboration brings together the academic excellence of St Andrews and the IoD's unmatched expertise in corporate governance. The Global Certificate in Company Direction is for leaders who want to drive meaningful change and excel in their boardroom roles. By combining real-world case studies, peer learning and cutting-edge research, this programme offers a transformative experience for directors worldwide.' Jonathan Geldart, Director General of the IoD, said: 'The IoD is an organisation that exists for the public good and is designed to support directors in effectively running businesses in the public interest. Better directors mean better-run businesses; better businesses mean a better economy. And a better economy means a better world.' The programme is delivered via in-person residential learning with virtual sessions. The residential session will take place at the Fairmont Hotel in St Andrews from October 18–24, 2025, followed by a virtual session from December 2–4, 2025 and the programme cost is £19,500. The programme has a limited number of available spots. To find out more visit the IOD website here.
South Wales Argus
15-05-2025
- Business
- South Wales Argus
Recruitment director wins prestigious national award
Acorn by Synergie's Bernard Ward was awarded the Director of the Year Award for Medium to Large Business at the Institute of Directors (IoD) Director of the Year Awards. The annual ceremony took place on Friday, May 9, at the ICC Wales in Newport, celebrating exceptional leadership across the UK's business landscape. The IoD Director of the Year Awards recognises the achievements of outstanding business leaders who have demonstrated remarkable contributions in areas such as innovation, sustainability, equality, diversity, and inclusion, among others. Since joining Acorn by Synergie in July 2021, Mr Ward has played a pivotal role in evolving the company from its origins as a local recruiter into a multi-specialist recruitment agency operating across the UK. Under his leadership, Acorn has remained firmly rooted in its core values of customer-first, accountability, effective communication, respect, and empowerment. Mr Ward's commitment to fostering a diverse and inclusive workforce has made these principles a cornerstone of Acorn's strategic direction. His leadership has also seen the launch of Acorn Impact, an initiative designed to enhance social mobility and address inequalities in local communities. Through this programme, Acorn provides clients and candidates with resources, training, and support. Speaking on his award win, Mr Ward said: "I'm incredibly honoured to receive the Director of the Year Award. "This recognition is a testament to the amazing work being done by everyone at Acorn by Synergie. "Together, we've worked hard to create a culture rooted in inclusivity, support, and opportunity. "I look forward to continuing this journey and helping Acorn grow while making a real difference in the communities we serve." Gareth Jarman, head judge of the Wales Director of the Year Awards, founder and director of Gentium International, and regional chair of Mid Wales at IoD Wales, said: "Bernard is a highly engaging leader whose approach reflects a deep understanding of the responsibilities that come with directorship. "His dedication to social responsibility - supporting the community and creating meaningful opportunities for society - is a defining aspect of his leadership."
Yahoo
15-05-2025
- Business
- Yahoo
Rental prices 'painful' for average earners
Guernsey's Institute of Directors (IoD) has described the island's rental prices as "painful", leaving little money left over for tenants after paying their rent, food, and bills. It follows the release of the government's Property Prices Bulletin, which shows the average local market rental price was £2,068 a month in the first quarter of 2025. That figure is 1.5% higher than the previous quarter, 8.2% higher than the first quarter of 2024 and 51.7% higher than five years ago. Richard Hemans, the IoD lead on economics, said comparing the figure to the most recent average income data showed renting would cost 55% of a persons salary. Mr Hemans said rental prices had been a "major driver of inflation" in the island and had increased "much faster than in Jersey". "The ongoing strength will continue to put upward pressure on local inflation," he said. "The cost of renting a property in Guernsey has increased by 52% since the pandemic as the population has grown and not enough properties have been built. "The last figures from Q3 2024 show that rental costs consume a painful 55% of earnings, leaving little scope for discretionary spending once essential purchases and taxation is paid." He added: "Given that rental costs have likely outpaced earnings over the last six months, this metric will have deteriorated further." The Property Prices Bulletin also showed the average price for a local market property was £580,412 at the start of the year, 3.2% lower than the first quarter of 2024. "The cost of renting a property is still rising fast, whilst the affordability of ownership is improving although still elevated," said Mr Hemans. "The latest figures confirm what we already know in that we are not building enough homes, which is the key driver of price and affordability pressures. "This has to remain one of the top priorities for the next States and is fundamental to our social and economic prosperity." He said 71 new property units were created over the last 12 months and 527 over the last five years, which was "significantly lower" than the target of 310 units per year, or 1,550 over five years. "Over the last quarter the number of property units fell by five," said Mr Hemans. "This explains why Guernsey house prices will continue to remain high and strong in the context of full employment, robust earnings, falling interest rates and a growing population driven by positive net migration. He added: "The scale of the housing challenge has been recognised, and momentum is building to address the issue, but over the short term this disequilibrium will ensure that prices remain elevated whilst transactions will remain below historic levels." More news stories for Guernsey Listen to the latest news for Guernsey Follow BBC Guernsey on X and Facebook and Instagram. Send your story ideas to Plans submitted for 101 homes near cinema complex Guernsey adds 'one affordable home in two years' Slight drop in Guernsey rent and house prices Guernsey Property Prices Bulletin Institute of Directors
