As an aspiring or current Board Director you can’t afford not to have an understanding of fiduciary duty and financial management. You have a legal responsibility to do so.
Financial oversight is one of the areas of governance and management that typically causes issues for Boards, Directors, CEOs and Senior Managers.
Often this is because people filling these roles are not confident in reading, understanding and using balance sheets and financial reports to make strategic and operational decisions. They may also lack the confidence to query reports that are either densely packed with figures or, alternatively, when produced as summary reports, do not highlight sufficiently underlying trends or risk areas.
The risk in not regularly interrogating financial reports often manifests in the Board, CEO and Senior Management becoming overly complacent regarding the financial situation of the company, business or organisation. When this coincides with major disruptions in the external environment the level of risk to financial viability and sustainability grows considerably.
Understanding, reading, questioning and using the information contained in key financial documents is key to avoiding the collective and individual angst associated with the fall-out from poor financial management.
If you want to be a more effective Board Director or leader, Management Government Australia (MGA) runs a Master Class in ‘Fiduciary Duty and Financial Management: Understand and use your Balance Sheet to make Smart Decisions.’
Our next Master Class will be running in Newcastle.
Location: Newcastle: 4/56 Industrial Drive, Mayfield East, NSW 2304
Date: June 2nd and 9th 2016
Time: 6.00pm – 9.00pm.
Web: www.mg-australia.com.au and go to Programs/Enrol
Management Governance Australia (MGA) offers a range of Master Classes and training programs in Victoria, New South Wales and Queensland to meet the needs of managers, leaders and Boards. https://mg-australia.com.au/the-board-director-program/
If you would like to discuss specific training needs for your organisation or for yourself please contact us
Bernadette O’Connor is Executive Director of Management Governance Australia Pty Ltd – a consultancy training company. Her experience includes Chief Executive Officer positions for three companies and an extensive background in business change management and leading teams to diversify and innovate for growth. She works with leaders and managers to achieve success.
Connect with her on LinkedIn
Or follow on Twitter @BOConnorMGA