With last month’s Australian Governance Summit (AGS) in Sydney, geopolitical risk, governance of artificial intelligence and board composition dominated discussions, writes AICD CEO Mark Rigotti MAICD.
Development in focus
It was great to catch up with so many of our members at last month’s Australian Governance Summit (AGS) in Sydney. The AGS is our signature event and the program continues to go from strength to strength. Geopolitical risk, governance of artificial intelligence and board composition dominated discussions, with our keynote speaker John Mullen AM setting the scene for a compelling two days.
Thank you to all of our speakers — most of whom generously volunteer their time — for sharing their expertise with the audience. Events such as these are a team effort, so a big thank you also to our sponsors, staff and everyone involved in making the event a success.
Next year we celebrate 10 years of the AGS and I hope to see as many of you again in Sydney on 10 and 11 March 2026.
Our next signature event is the inaugural Tech Governance Forum, which will take place in Brisbane on Tuesday 27 May. It will be the first national forum dedicated to tech-related risk, governance and compliance. Given the challenges and opportunities facing boards in this critical area, I’m confident that the event will be another success.
Matter of principle
In my address to this year’s summit, I provided an update on the decision to shelve plans for a revised fifth edition of the ASX Corporate Governance Principles.
I’m confident this was the right decision. After a two-and-a-half-year process, consensus was proving impossible among the 19 different bodies that make up the ASX Corporate Governance Council, of which the AICD is a member.
As you would be aware, the Principles have a reach that goes far beyond ASX-listed companies — they set the tone for governance best practice across multiple sectors and organisations, including universities, not-for-profits and government bodies. As such, it’s critical we get them right.
Not to mention almost all Australians are invested in the listed market via our compulsory superannuation system. Therefore, the rationale for maintaining strong governance standards has only grown with time.
In our view, there was a compelling case for revising the current fourth edition of the Principles to be less prescriptive, have a clearer focus on core governance issues and to reinforce the centrality of shareholders. At a time when businesses are creaking under the weight of regulation and private markets are booming, the ASX and its Corporate Governance Council needs to take a fresh look at its mandate and the role the Principles play in our market.
An independent review, overseen by respected business and investor figures, can be the circuit breaker we need. We believe an independent review should seek to ensure that, going forward, the council is constituted effectively, has a clear mandate, and the Principles enable the Australian market to remain competitive relative to other private and overseas listed markets and reinforce strong governance standards.
A corporate governance code is a critical feature of mature listed markets, supporting boards to manage investor expectations and replacing the need for potentially more onerous regulation.
While the current fourth edition will continue to apply in the interim, we are giving further thought to how the Council and the Principles should evolve to attract widespread market support. To that end, we would welcome any views from our members and the director community generally.
The case for B2B
Partnering with businesses and organisations directly to unlock better board performance is an area of particular focus for AICD this year. We call this our B2B offering. Our B2B team engages directly with businesses to guide them through a fully consultative process, working with specialist AICD facilitators and subject-matter experts to provide targeted, contextualised in-house education. The program provides boards and senior executive teams with the opportunity to undertake the AICD’s world-class governance education in-house, as a team, facilitated by practising directors and tailored to your organisation and operating context.
More and more organisations are working with our team to uplift their organisation’s governance capability, as is evidenced by a nearly 30 per cent growth so far this financial year.
If you want to know more about how we can help you, please reach out to the team via our Head of Clients and Strategic Partnerships Kristy Houtman (khoutman@aicd.com.au).
This article first appeared under the headline ‘From the CEO’ in the April 2025 issue of Company Director magazine.
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