TMTYB S01E09 Roles and Responsibilities TRANSCRIPT

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TMTYB S01E09 (Roles and Responsibilities) This is Take Me To Your Board from the Tasmanian Council of Social Service. This show is about governance, and it's not just for aspiring or current board members. It's for anyone who wants to hear from some of the country's top leaders about how a good board really should work. Each episode's based on one of the ten principles of not-for-profit governance as laid out by the Australian Institute of Company Directors, hosted by Bridget Delaney and Cameron Allen. This is episode number nine, Roles and Responsibilities. Bridget Delaney: Welcome to Take Me To Your Board. My name is Bridget and here with me today is Cameron. Cameron Allen: Great to be here as always. Bridget Delaney: Today, we are going to have a look at a principle that helps us define how we ensure the foundations of good governance are in place. It is the first place we should start before we decide to jump in and take on the role of board member. Today, we are talking about roles and responsibilities. So, what is a board member and what are they responsible for? According to the Australian Institute of Company Directors, a board member is on an organisation's board and together they have ultimate responsibility for the organisation. This relationship between a board member and the organisation is one of trust and very similar to being the trustee of someone else's money. As such, the overall duties of a board member are to act in good faith and for proper purpose, to act with reasonable care, skill and due diligence, not to improperly use information or position, and to disclose and manage conflicts of interest. Bridget Delaney: Board members operate as a collective and have responsibility to provide overall governance, management, and strategic direction of the organisation. As a collective, the board have ultimate accountability and therefore individuals remain responsible for any decision made at board meetings, regardless of the individual attention. As such, it is important board members understand their roles and responsibilities to an organisation. Cameron Allen: So, what happens when board members don't understand or follow through with their roles and responsibilities? Bridget Delaney: That's a good question. There is so much more to unpack on this principle, but let's get to the juicy part. Here's an example that is very close to home this time and still being hotly debated, the Australia Post Cartier watch saga. You may be following this closely and you may be ignoring it entirely. But be aware, we will not go over all the facts here. It is simply being used for discussion, paying particular attention to the role and the responsibility the board have in this example. The Australia Post saga begins in 2018 TMTYB S01E09 Roles and Responsibilities Transcript by Rev.com

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