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Peter Fenwick qualifies as Company Director


by Peter Fenwick

On the evening of Monday 28 th June, at a ceremony at Zinc at Federation Square, I was officially presented with my diploma as a Graduate of the Australian Institute of Company Directors.

You may think that, after running Fenwick Software for 33 years, I would know all I needed to. So what is this all about? Why had I put myself through a weeks’ pre reading, a week of lectures, and done a 3000-word case study assignment and a 2 ½ hour exam?

Well it all goes back to last year when we set up an employee shareholder scheme and consequently Fenwick Software had a Board for the first time. I thought I should learn what that was all about. And I did.

Although the course is targeted at creating directors for listed companies, I found most of it relevant for our purposes. The topics included:
  1. The role of the Board
  2. Directors’ duties and responsibilities
  3. Risk
  4. Strategy
  5. Financial literacy
  6. Driving financial performance
  7. Legal compliance
  8. Decision making
  9. Achieving Board effectiveness
The material was comprehensive and was presented by very competent practitioners. Also, the contributions, from fellow participants, from a wide variety of experiences, some of whom already had experience as company directors, were invaluable.

Finally, there were a couple of key messages I took away from all this:
  1. Directors’ responsibilities go beyond the legal essentials; they are required to set the tone and culture of their organisations as ethical participants in our society.
  2. It is important to resource strategy; you must ensure that the financial, physical and people resources are available to implement it.
I would highly recommend the course to other owners of private companies.

Posted by Peter Fenwick on 29th June, 2010 | Comments
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