As you know, good governance is essential to running any Board. It’s not only a great way of giving your organisation the upper hand in business, but in certain cases it is the law.
If you’ve invested in your governance framework, it can be easy to forget Board governance training is just as important as procedural governance.
Many of your Board Members have years of experience and may not understand the advantages of learning about something they do naturally. But even the most experienced Board Members have space to grow!
What Is Board Governance Training?
Board governance training is about making sure your directors are aware of basic governance processes and expectations. This includes general regulation and the specific standards of your organisation.
Directors should also be well-versed in the changing role of the Board and contemporary challenges to leadership. This may involve focus on ESG and the questions surrounding sustainability.
Through Board evaluations, you can gain a better understanding of the particular requirements of your team. The best Board governance training is tailored to your individual company.
Why Is Board Governance Training Important?
Board governance training can support your directors to perform their role effectively. We’ve put together some of the main reasons it is worth implementing.
- Security and Compliance
Perhaps the most significant reason for Board governance training is to ensure you maintain the necessary levels of compliance. Slips in governance can lead to data breaches, which harm the integrity of your organisation.
Certain aspects of governance are a legal requirement. For example, it is essential the Board do their fiduciary duty in line with the Companies Act of 2006.
No matter how good your software is, this means nothing if the people in your team are unaware of regulations.
Creating an inclusive place is not just about meeting targets. It’s also about making sure every member of your team can participate in discussions.
Newer members of the Board may not feel as comfortable with the governance expectations. They may be new to the challenge, and it is your job to make sure they are equipped to deal with the challenges of Board work.
Board governance training makes it possible for everyone to feel confident contributing in meetings.
As well as helping new members feel comfortable, Board governance training can also make sure veterans stay up-to-date on the latest governance changes. Just as technology is always evolving, so are the expectations surrounding it. This means it’s important for everyone to receive regular training, even if they have years of experience.
Old and new Board Members have so much to learn from one another. Board governance training supports a cohesive environment where the Board can speak with one voice – despite their different backgrounds.
- Dynamic Discussions
When you have established a base level of awareness, you can move on to making the most of it. Governance can be difficult, but at the end of the day it exists to make your job easier.
Good governance will foster a positive environment where ideas flow readily. If directors have any issues, they will be able to bring them up immediately, rather than waiting for things to become difficult. You can also save important time in Board meetings by not having to go over the same compliance issues again and again.
An essential part of governance is openness and transparency. When the entire Board has strong training in this area, they will be able to have more creative discussions around the company’s future goals.
- Give Stakeholders and Shareholders Confidence
Both your stakeholders and shareholders will expect a certain level of good governance. How could you expect shareholders to invest in a company that doesn’t uphold their interests? And why would stakeholders trust an organisation that does not effectively train their directors?
Board governance training will inspire both and create better relationships with the communities that support your organisation.
- Long-term Benefits
Alongside these short-term advantages, regular Board governance training will support your organisation in the long run. Directors will develop the skills to implement sustainable business practices. Their awareness of communication and accountability will translate into effective business practices.
How Can Convene Support Your Governance?
Convene is an award-winning Board Portal, designed to digitise and streamline your meeting processes from start-to-finish. Now available fully integrated Microsoft Teams, our comprehensive software has numerous features to help improve your governance practices:
- A Document Library with role-based access to ensure your sensitive documents are protected.
- A built-in Audit Trail, so you can be sure you are compliant with all regulations.
- Integrated Video Conferencing, so you can make the switch from remote to hybrid working seamlessly, whilst still viewing your Board Pack all on one screen.
- Surveys, with the option for anonymity, so you can be sure you are aware of your employees' opinions.
- Accessibility Features, including text-to-voice, which makes us the leading accessible Board Portal.
If you’d like to learn more about how Convene can help your organisation achieve better governance, please don’t hesitate to book a demo today!