Favourites with Richard Dammery FAICD

Candid conversations with directors on the interests and insights that have shaped their careers.

Memorable early career lesson?

You only regret the things you don’t do, so take opportunities boldly and don’t let life pass you by. That’s why I stepped away from law studies to do a PhD in history. Also, don’t expect linear progression — non-linear progression can actually be quite fun.

Top-of-mind governance issue?

The dominant focus on risk management in many boards is casting a long shadow in Australia. Our boards seem to talk a lot about risk and a lot less about innovation and creativity. That’s not to say risk management isn’t central to value creation, because, of course, it is. A senior American director recently told me that US boards went the same way after the Sarbanes-Oxley Act in 2002, but it has now normalised. We still seem caught up in risk frameworks and appetite statements. Of course, black swan events, by definition, rarely appear on a risk register. 

Early career risk that worked out well?

I left practising law to start a career in business and had 10 years in various commercial general- management roles, which is how I broadened my management skills and learned about leading teams. When I returned to law, I was a very different beast. I saw myself as a businessperson who happened to be solving legal and commercial problems. I think my clients appreciated that.

Prediction for the future of leadership?

People don’t change, so I don’t think leadership will change fundamentally. Human motivation is always highest when you appeal to purpose and I’m a strong believer in adaptive or situational leadership — where you lead in different contexts, in different ways, and adapt your style as a leader to what the organisation needs in the situation. Quite reasonably, we expect our leaders to bring clarity, honesty, integrity and care for others to their roles.