AgriBusiness News September 2016

WAIKATO AGRIBUSINESS NEWS September 2016
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The Institute of Directors is
supporting rural directors
The Institute of Directors is continuing to support directors
add value to the rural sector with a new resource developed
to help directors before they step onto rural boards.
Farming Directorships: A due diligence guide for directors,
developed with DairyNZ, was released in April to help
prospective independent directors understand the nature
of the business, as part of their preparation in deciding
whether to join a farming company board. It can also be
used as a framework for considering farming advisory board
appointments.
IoD Waikato Branch Chair Margaret Devlin says being an
independent director on the board of a farming company
can provide a rewarding opportunity to add value to one
of the country’s largest and most important commercial
sectors. “The guide is about equipping prospective directors
and advisors in the rural sector with the best knowledge to
enter the environment” Ms Devlin says.
Directors must be able to
challenge ideas, ask hard
questions, and offer a different
perspective at the board table.
Providing practical tools that can be immediately applied
to the running of a farming business, the course focuses on
strategy, health and safety, and managing risks, as well as
giving attendees the opportunity to network with others in
the rural and agribusiness sectors.
“There is growing recognition of the important role that
governance structures and disciplines play in creating
and protecting shareholder value in a farming business.
Good governance that focuses on setting and reviewing
the organisation’s strategy and risk is critical when any
organisation operates in challenging times. Rural businesses
are no different but there can be added complexities around
the organisation’s structure and ownership.”
In 2015 the IoD launched its Rural Governance Essentials
course designed for rural business. It launched in Invercargill
to give rural businesses insight into the benefits a board can
bring, and the fundamental responsibilities of a board and
its directors.
Demand exceeded the IoD’s expectations so further courses
were added with Waikato being one of the first. It will
return to the region this year in Hamilton on 22 November
and an earlier date to be confirmed.
“Directors must be able to challenge ideas, ask hard
questions, and offer a different perspective at the board
table. They need a broad mix of skills, particularly a strong
grasp of strategy, risk, finance, and compliance. These two
offerings will help Waikato agribusiness,” Ms Devlin says.
“Governance is critical. We recognise that taking the time
to think and plan can seem a luxury but governance in this
dynamic and volatile environment it makes a difference.”
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