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How to build a skills matrix

Melbourne, Australia – 12 December 2023

 

The complexity of decision-making in the current operating environment places a great cognitive load on directors. As such, tailored board composition — and the bespoke skills of those at the table — has never been more vital.

Over the past decade, board members and nomination committees have grown accustomed to documenting and disclosing the competencies and skills of their board, and it has come to be expected by investors and regulators.

A well-constructed skills matrix helps a board identify the nature and depth of the skills around the table, as well as gaps that need to be filled. It supports succession planning and provides valuable insights for investors and other stakeholders.

“We are seeing a swing away from shareholders as the main stakeholder towards customer fairness, corporate responsibility, ESG and the like,” says Mark Joiner, PEXA and TAL Group chair. “The basic matrix needs to reflect the mood of the times.”

 

How can directors keep up with change in this area? 

“The strategies and tactics of cybercriminals and state actors are always evolving, and new and emerging technologies like AI look set to accelerate change,” says Gonzalez. “It can be difficult for directors to keep pace and while they aren’t expected to be cyber experts, they are expected to help navigate organisations through a serious cyber incident.”

 

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