Today’s guest blogger is Simon Telfer.
Does governance have an image problem? Possibly so. While 73% of the Deloitte/Unlimited Fast 50 companies have boards there is anecdotal evidence that many other high growth organisations are slow to embrace external directors and formalised boards.
Why is that? Perceptions that a board’s primary contribution is centered around compliance has gradually shifted – strategic planning and direction is now recognized as being twice as important as other board functions including governance culture, management accountability and compliance. Two other issues may therefore be impacting the adoption of governance:
- Alignment: directors are typically seen as being older, more conservative and culturally misaligned with the new breed of rapid growth ventures.
- Access: entrepreneurs have limited opportunities to be exposed to potential directors and informally discuss or experience the value and support that can be provided.
These were some of the ideas behind SpringBoard – a group recently formed to support the next generation of New Zealand directors and to promote age diversity around the board table. Existing directors or trustees under 45 years of age now have a forum for sharing ideas and experiences as well as the ability to professionally grow through attendance at events. SpringBoard actively promotes younger directors for appointment to established and nascent boards in both the commercial and NFP sectors.
If you’re interested in joining this community then connect with us via LinkedIn. If you’re looking to be put in touch with directors from a younger demographic please make contact with SpringBoard here.
As further insights arise in relation to high growth governance we’ll share them with you via this NZ Angels blog.