Strategy is the most important skill required by board directors in the post-pandemic era, the Institute of Directors in Ireland (IoD) has found.
The business leaders organisation said there had been a shift in the skills and requirements needed by company directors during the pandemic, with environmental, social and governance (ESG), innovation, cyber security, and digital skills all increasing in importance over the past two years.
In its most recent survey, conducted during the fourth quarter of last year, IoD also found that 45% of business leaders update their knowledge of governance and regulatory matters through training, webinars, factsheets and other methods whenever they have the time.
"Our research has found that continuous professional development is even more important post-COVID, because the scope of governance is evolving to meet changing times," Maura Quinn, chief executive of the IoD, said.
"There has been a shift in relation to requisite board members’ expertise and experience and it is important that all directors are cognisant of this and keep abreast of what boards are looking for in order to meet the highest and evolving standards of good governance."
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Overall, nearly two-thirds (65%) of those surveyed agreed that the skills required by a board had changed, 10 percentage points higher than a year earlier, with 32% disagreeing, and 3% saying they weren't sure.
When asked for the most desired expertise in board members over the next two years, 35% said strategy, ahead of ESG (29%), innovation (24%), cybersecurity (22%), digital (21%), marketing/sales/business development (21%), risk management (21%), corporate governance (18%), HR and people management (18%), and business continuity planning (17%).
While 45% said they updated their knowledge when they had time, 14% said they did it once per quarter, 15% said twice a year, and 25% said once a year.
The IoD has also released the latest details for the September 2022 intake of its flagship chartered director programme, which Quinn described as "the gold standard of director training".
"It is a challenging and rewarding programme, incorporating a Certificate and Diploma in Company Direction," she continued.
"Furthermore, in anticipation of the increased demand from directors and business leaders for further knowledge and insights on ESG for their boards, we will be running our second online course on ESG titled, ‘Leading Sustainability: What Directors Need to Know and How to Do It’, beginning in March.
"Throughout 2022, we will also be delivering a series of workshops on key governance areas for directors.”
(Pic: Getty Images)
