AICD Managing Director and CEO Angus Armour said the report is a useful and timely contribution to the current debate around how boards can improve governance outcomes in their organisation.

“As we have seen through the APRA Report into CBA and the findings of the Hayne Royal Commission there is a need for boards, especially in the financial services sector, to improve their oversight of non-financial risks. We need to work towards organisations having as sophisticated an understanding of non-financial risks as they have for financial risks.”

“These are complex issues but the good news is that boards are already on the path to rectifying this as ASIC itself has acknowledged in its report.”

“The AICD is confident the questions ASIC poses for boards strongly align with the content of education programs for directors. They are fundamental to strong governance outcomes across all sectors.”

“The AICD encourages all organisations, and particularly listed companies, to review ASIC’s findings and consider how they might apply to their own organisations.”

Media Contact: Maegen Sykes 0439 167 567

The AICD is the independent and trusted voice of governance, building the capability of a community of leaders for the benefit of society. Our membership of more than 44,000 includes directors and senior leaders from business, government and the not-for-profit sectors.