A new competency framework for directors, senior executives and boards is to drive higher standards in corporate governance in Ireland, has been announced.
Launched today by the Institute of Directors (IoD) in Ireland, the new Continuing Professional Development (CPD) Framework for Directors has been introduced in response to the ever-evolving policy, regulatory, macro-economic and governance environment in Ireland and to foster improved collective board strength and responsibility.
The new competency framework is to be discussed at IoD’s 'Leading in Governance: Supporting Ireland to be an Exemplar of Corporate Governance' conference at The Aviva Stadium, Dublin this evening, which will be addressed by Minister for Enterprise, Trade and Employment, Simon Coveney TD, and attended by business leaders from the private and public sectors and from across Irish industry. Marking 30 years since IoD Ireland’s foundation, this event looks to the future, focusing on the crucial role of effective corporate governance to support all directors and business leaders.
Minister for Enterprise, Trade and Employment, Simon Coveney TD, said:
“I welcome IoD Ireland’s innovative new framework to support individual directors, boards of directors and senior executives in the exercise of their governance responsibilities. Skills development, transparency and good corporate governance are the bedrocks upon which healthy economic activity is based. By developing and enhancing the competence and expertise of those charged with governance, this new suite of supports will advance the quality and performance of organisations across Ireland, driving our competitiveness, and strengthening our economy.”
Speaking about the new IoD Ireland CPD Framework, IoD Ireland President John Reynolds CDir said:
“This new framework is designed to foster the highest corporate governance standards in Ireland at a time when directors, senior executives and boards face ever evolving corporate demands and challenges. IoD Ireland, as the representative body for directors in Ireland, supports directors and boards to respond to their internal and external environment so they can best serve their companies. This new IoD Ireland CPD Framework for Directors, which is the first of its kind in Ireland, will act as an enabler for individual directors and boards in identifying the necessary skills and expertise needed to direct and control their company, and support with board succession planning and development. Underpinning the CPD Framework are professional ethics and integrity, behaviours that IoD believes all directors and senior executives should exemplify.
“The new CPD Framework has been created by collating IoD Ireland’s knowledge and experience along with input from members and senior business executives in tandem with evidential learnings from research undertaken by IoD Ireland. The underlining objective of the Framework is to assist in our vision of making Ireland an exemplar of corporate governance. It is an empowering resource for our members and their boards in relation to skills assessment and development and succession planning.”
The IoD Ireland CPD Framework is designed for use by individual directors, senior executives and boards as a whole with the underpinning ideology of collective board strength and responsibility. The concept of the Learning Board is at the centre of the IoD Ireland CPD Framework, reflecting that a board’s effectiveness is influenced by the collective strength of its directors and that to optimise that collective strength, boards and directors should be focused on their continual professional development in a fast-paced world.
IoD has developed a suite of short workshops and programmes which are designed to fit into a busy work schedule and sit side by side with other member resources and supports. This suite of programmes is mapped to particular competencies within the CPD Framework and is designed to evolve with a business executive’s ever-changing work environment.
The IoD Ireland CPD Framework is designed around four dimensions of competency which include:
- Governance Framework: This dimension encompasses legal duties and responsibilities of being a director, the regulatory landscape, specific governance codes, the role of boards and board committees in practice and the operation of a system of internal governance.
- Technical Knowledge and Skills: This dimension encompasses the technical skills and knowledge needed to optimise the collective strength of the board in leading the strategic planning process, in making decisions, and creating accountability in relation to legal and regulatory compliance, risk, controls and corporate performance. It includes, technology, financial and ESG-related competencies.
- Creative Strategy Formulation: This dimension encompasses the methodologies and inputs to strategy formulation and is underpinned by an emphasis on creative and critical thinking in the formulation process.
- Psychology of the Boardroom: This dimension reflects that corporate governance is about human behaviour as much as structures and processes. It encompasses the practical realities of boardroom behaviour and dynamics with a view to enhancing individual director and overall board effectiveness.
IoD Ireland Continuing Professional Development Framework
