BETTER boards mean healthier company profits, the first of a series of competent director events hosted by the Institute of Directors Northern Ireland has found.
And company boards which work as a team have a bigger impact on profitability than one well-qualified board director, was the message from the initial session.
The IoD events, held in partnership with Arthur Cox and Ulster Bank, aim to look at the foundations of an effective board, the creation of a competent chair and the development of an effective director.
The first interactive session of the series, which will run until November and is open to both IoD members and non-members, was led by Alan Taylor of Belfast law firm Arthur Cox, who focused on board dynamics and how businesses can ensure their board contributes to the organisation’s success.
He said: “At Arthur Cox we stress the benefits of maintaining an effective board and how this ultimately contributes to business success.
“The board is collectively responsible for the success of any company and with the business environment being more competitive than ever, the scrutiny placed upon boards is intensifying.
“While there are many variables in what constitutes a high-performing board, in order to be effective all boards must establish mutual support and respect, implement strategy, be open to change, maintain a governance framework that adds value to the business and safeguard the values of the company.”
IoD NI director Linda Brown said: “Delegates learned how the quality of board dynamics is highly correlated with a firm’s profitability and how boards which function effectively as a team have up to 800 per cent greater impact on profitability than those with just one well-qualified board director.
“This is a startling statistic and one which really intrigued our attendees who I believe are now much more motivated to enhance the effectiveness of their own boards.”
The next events in the series focus on board financials (September 30), the challenge function (October 20) and ensuring diversity (November 7). To register visit iodni.com
