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Business failures are caused by lack of leaders’ skills

A series of recent business failures highlight a skills gap that is widespread in business.

The Royal Commissions into banking, aged care and disability; the celebrity chef wages scandal; and this month’s liquidation of domestic violence charity White Ribbon Australia are just some of the cases that highlight a flaw that is now common and widespread in business – a lack of governance leadership.

Over 90% of business leaders in Australia and New Zealand are untrained in corporate governance, meaning they often lack the knowledge and confidence they need to govern well for the good of the business and its stakeholders.

To address the urgent skills gap, Global Governance Initiative is today announcing the launch of Australia & NZ’s first – and only – suite of Governance Practice credentials.

Managing Director of Global Governance Initiative, Brad Sherringham, claims a governance knowledge gap at the top of many organisations has flow-on impacts for entire businesses and the communities they serve.

“We’ve seen so many examples in recent years of governance failures – from ethical and systemic problems in big banks to structural problems in small-medium family companies,” he said.

“Currently, more than 90% of directors and executives have had no governance training, with many citing time and cost as barriers. It’s vital that they are supported to get the skills and confidence they need to govern well if they are going to lead their organisations successfully into the future.”

To address this skills gap, Global Governance Initiative is now providing participants in its online governance training program the opportunity to earn credentials in Driving strategic results, Financial acumen and Professional ethics as part of a Governance Practice credential suite.

Sherringham claims that practical, outcome-focused training is vital in the current environment where many business owners and leaders are feeling uncertain of their obligations and how to navigate forward.

“While most business owners, directors and executives don’t necessarily have time or the need for a full degree or MBA, many want the knowledge and confidence that a professionally recognised credential brings,” he said.

“It’s all about ensuring business leaders are supported with the tools they need to act with integrity and knowledge for the greater good.”

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