Every year the Institute of Directors surveys the pulse of the New Zealand director community in their annual Sentiment Survey.
The survey shows that business confidence is at a record low but directors remain confident about the performance of the organisations they oversee.IoD – Director Sentiment Survey 2019
As we all have a Self-Serving Bias we perceive our efforts to be a contributing factor to the success of the organisations we lead. Following that line of thinking it’s other businesses that are not going to go as well this year. That is reassuring as that is “not you“.
It also highlights that more directors are likely to be deterred from taking up roles than 12 months ago. A concerning trend given the current climate.IoD – Director Sentiment Survey 2019
This is indeed a concern as good corporate governance is an important aspect of a flourishing business ecosystem. My view is though that it is time to acknowledge that a directorship is not a “side hustle” or something you do for a friend. The personal liability for several issues means that it is a serious responsibility that requires the proper training.
As for the responsibility in general I think it is a matter of remunerating people accordingly I am confident that can compensate for the growth of responsibility aspect.