The Australian Institute of Company Directors (AICD) has partnered with the University of Sydney Business School on a report that reflects on Australian boards’ focus on innovation — as well as the impacts of the pandemic.
The report, titled Innovation in the boardroom: Rising to the challenge? looks at “the crucial role directors have to play in driving organisational innovation.”
Surveying more than 850 AICD members, the report looked at what it takes to “drive an innovative culture, overcome risk aversion, and remain competitive in a rapidly changing global economy”.
University of Sydney Business School Associate Professor and co-author of the report, Dr Massimo Garbuio, said that COVID-19 had forced Australian boards to “play catch up”.
“Our research tells us there’s now a much higher awareness among boards and directors of future-proofing their organisations by adopting innovative practices and approaches.”
Dr Garbuio acknowledged working from home as now the norm, among other flexible working arrangements.
But while necessity is the mother of invention, the associate professor stated “it’s time for boards to embrace innovation beyond what is immediately necessary for survival.”
AICD managing director and CEO Mark Rigotti has concurred, stating “it’s now up to all of us to help build on the progress that’s been made so innovation is embedded into the DNA of all Australian organisations.”
“A shift in director mindset is needed to meet the increasing challenges posed by issues such as climate change, cyber security risk and economic uncertainties.”
According to him, “our country’s continued prosperity depends on it.”
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.