Weather Fiji, Suva   Max 30°C, Min 23°C

Fiji Sun

SUNBIZ

KPIs For Boards And Directors Suggested

KPIs For Boards And Directors Suggested
fijisun.com.fj
April 22
11:47 2016

 

An international expert has suggested the way forward for effective boards and directors is by setting key performance indicators (KPIs) for both.

Anne Skipper, an experienced business woman with more than 35 years of experience as a board director, highlighted this yesterday during the 2016 Fiji Institute of Accountants Congress at the Sheraton Fiji.

Ms Skipper said the KPIs would indicate which the board needs to do and what the individual directors need to do.

This practice is not only new to Fiji but also to the world whereby currently, directors and the boards do not have KPIs.

Ms Skipper confirmed there are some countries which are starting to look into this practice.

In all, Ms Slipper told delegates being a director is one of the most exciting and influential roles they will ever have.

“It is about adding value. The challenge is having diversity on boards,” she said.

 

Expectations of board highlighted by Anne Skipper

Boards and directors are there to set the vision, mission and values of the organisation. It is about why – why we are doing what we are doing.

Monitoring the risk appetite – what do we have as a board and how do we monitor it.

Whom are you accountable to?  Too many boards spend too much time in the compliance. Boards need to be a lot more looking forward than looking back. World of change has never been faster. The decisions directors are making now are much more complex and you have to leave ambiguity.

The size of a standard board is 7 to 9 members. You need diversity and the board composition needs to reflect and add to the culture the organisation is looking for.

To be an effective director – you need to be competent, know your duties and responsibilities, understand risk, know how to read the financials, be independent and have no conflicts of interest.

What does it take: Courage. It is not easy. It is not about turning up for board meetings You need to have the courage to step out of your comfort zone and ask why or disagree.

Feedback:  rachnal@fijisun.com.fj

 

Related Articles

you said it
"I support it 200 percent, I am with FRU, the country and the people of Fiji. We want to bid to get one of the HSBC stops in Fiji."
Waisale Serevi
Sevens Legend

Fijisun Online @Instagram