Does your Board really know how to measure and manage culture? Insights from leading legal, business and culture experts
Pictured above: Sir Rod Eddington, Chairman Asia-Pacific Advisory Council, J.P Morgan and Chairman of Lion; Bob Barbour, Director, Stagira Consulting; Shannon Finch, partner M&A, Jones Day; David Byrum, General Manager, Human Synergistics Australia; and Tim L'Estrange, Partner-in-Charge Melbourne, Jones Day
Jones Day's Sydney and Melbourne offices recently hosted a panel discussion attracting more than 100 clients, including directors and executives from ASX 100 companies. The panels consisted of leading legal, business and culture experts, and they discussed the evolving and higher expectations placed on companies and boards in relation to culture, beyond traditional people measures such as engagement scores.
Attendees heard from keynote speakers Sir Rod Eddington, Chairman Asia-Pacific Advisory Council, J.P Morgan and Chairman of Lion; and Rob Murray, Non-Executive Director, Southern Cross Austereo and Chairman, Metcash. Melbourne Partner-in-Charge Tim L'Estrange discussed the legal and regulatory framework in which boards are now operating and the importance of assessing and addressing culture. M&A partner Shannon Finch led Q&A sessions, with many great questions from the audience.
- We will continue to see regulators targeting individuals, and it will not be long before a case is brought against a director for breach of duties in connection with a failure to assess and address culture.
- In meeting their duties, directors should consider whether they need to have in place tools and systems that enable them to assess and monitor culture. This is not just a compliance step required in order to meet legal obligations; a strong culture is an opportunity to create sustainable high performance and returns.