Forza out & about: Australian Governance Summit 2024

Last week, I attended the Australian Institute of Company Directors 2024 Australian Governance Summit in Melbourne, themed 'At the Forefront.'

It was incredibly inspiring to hear from esteemed Chairs and Directors of major ASX listed boards, who discussed the evolving landscape of business and the critical issues facing all stakeholders.

One standout speaker for me was Catherine Livingstone AC FAICD, who emphasised that true governance is anchored in strategy and purpose. She challenged us to think about the purpose of great processes and policies without clear direction.

Catherine highlighted that strategic plans are not set in stone; they should be adaptable to change, providing a reference point for decision-making. She stressed the importance of simplifying strategic plans, particularly in times of significant change, and advocated for the power of a one page view in effectively communicating strategy throughout an organisation.

Catherine also spoke about the value of informed debate among senior leaders, as it leads to better questions and avoids rushing to the first apparent solution. She encouraged us to embrace design thinking as a way to approach complex problems.

Other speakers covered key themes such as AI, Cyber threats, ESG, work productivity, culture, CX, and social license, making it clear that these topics are at the forefront of our collective agenda.

One quote that resonated with me was 'If not why not,' which I am adopting as my mantra for 2024. In a world where naysayers abound, it's essential to challenge the status quo and ask the tough questions.

I challenge you all to adopt this mindset and encourage you to share your thoughts and experiences on governance and your marketing strategy. Let's continue the conversation and drive positive change in our organisations and beyond.

Insights for your marketing teams:

Strategic alignment: Aligning marketing strategies with the overall strategic direction and purpose of the organisation is crucial for effective governance.

Simplification and communication: The importance of simplifying complex strategies and being able to communicate this effectively throughout the organisation – this applies to marketing strategies.

Adaptability to change: Just as strategic plans should be adaptable to change marketing strategies must be responsive to evolving market and customer preferences. This requires constant engagement to remain effective.

Design thinking: Embracing design thinking in marketing can lead to innovative solutions and better customer experience.

Have a great hump day!