Today's rapidly changing business environment also requires boards to be flexible and responsive in order to meet unexpected needs and challenges.
This is reflected in Recommendation 1.6 (a) of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations 3e (2014)
One such change, under Recommendation 2.2, is the need to disclose the company’s board skills matrix which shows the mix of skills and diversity that the board currently has or is looking to achieve in its membership.
Transparency encourages market confidence and allows comparisons between organisations.
The role and responsibility of the board could be set out in a board charter or in some other document published on the entity’s website or in its annual report
Committees make recommendations for action to the full board, which retains collective responsibility for decision making.
A board calendar is unique to every organisation. It will vary according to the industry sector, the organisation's own process of governance, the size and governance maturity of the organisation and its stage of evolution.
Although each board will have an agenda that reflects specific topics of relevance to a company at that time, a number of general items will be included on most agendas.