Category: Media Release

Media Release
Date: December 15, 2015

The Global Network of Director Institutes (GNDI) has expanded its membership network with the addition of director institutes from Germany, Russia and Pakistan joining its ranks.

Vereinigung der Aufsichtsräte in Deutschland e.V. (VARD) in Germany, Independent Directors Association (IDA) in Russia and Pakistan Institute of Corporate Governance (PICG) join 15 other leading director associations from Australia, Brazil, Canada, Europe, the Gulf States, Hong Kong, Malaysia, Mauritius, New Zealand, Singapore, Southern Africa, Switzerland, Thailand, United Kingdom, and the United States.

“The expansion of GNDI’s membership supports the organisation’s mandate to bring forward the latest trends and issues in corporate governance and share knowledge and best practices on matters that affect directors globally,” said Stan Magidson, Chair of GNDI and President and CEO of the Institute of Corporate Directors in Canada.

As a collective of leading governance associations around the world, GNDI plays an important role in providing leadership on governance issues for directors of all organisations to achieve a positive impact for companies, the economy and society.

The addition of three new member organisations further asserts the organisation’s position as the pre-eminent international body advocating good governance on behalf of directors all over the world.

GNDI was established in December 2012 to foster closer cooperation between its members, who are each recognized as the primary institute for directors and governance in their respective country.

The following organizations are members of GNDI:

• Australian Institute of Company Directors (AICD)
• Brazilian Institute of Corporate Governance (IBGC)
• GCC Board Directors Institute (BDI)
• European Confederation of Directors Associations (ecoDa)
• The Hong Kong Institute of Directors (HKIoD)
• Independent Directors Association (IDA), Russia
• Institute of Corporate Directors (ICD), Canada
• Institute of Directors in New Zealand (IoDNZ)
• Institute of Directors in Southern Africa (IoDSA)
• Institute of Directors (IoD), United Kingdom
• Malaysian Alliance of Corporate Directors (MACD)
• Mauritius Institute of Directors (MIoD)
• National Association of Corporate Directors (NACD), United States
• Pakistan Institute of Corporate Governance (PICG)
• Singapore Institute of Directors (SID)
• Swiss Institute of Directors (SIoD)
• Thai Institute of Directors (TIoD)
• Vereinigung der Aufsichtsräte in Deutschland e.V. (VARD), Germany

For further details please contact:
Maliha Aqeel, director of communications, Institute of Corporate Directors
+1 416 593 7741 ext. 229 or +1 416 829 9808, maqeel@icd.ca
www.gndi.org

Media Release
Date: November 27, 2015

The Global Network of Director Institutes (GNDI), the international network of director institutes, has issued new perspectives papers on two governance issues that have dominated the board agenda globally this year.

“In the last 12 months, discussions have focused on the changing role of the board to be more resilient against cyber threats and address expectations regarding performance, culture and board diversity through renewal,” said Stan Magidson, Chair of the Global Network of Director Institutes and President and CEO of the Institute of Corporate Directors, Canada. “These are global issues and members of GNDI have issued global recommendations for boards to consider.”

In the first paper, Guiding Principles for Cybersecurity Oversight, GNDI proposes three areas of focus: people, processes and technology. Likening cybersecurity to the “fourth estate”, the global network says that cybersecurity falls outside the traditional borders of oversight, accountability and control, and therefore requires a new approach.

The organisation is calling on boards to consider placing cybersecurity as a specific accountability of one of the officers reporting to the board, to inform themselves of specific operational, reporting and compliance aspects of cybersecurity, and lastly to consider adding a member with some knowledge of information technology (including digitalization and cybersecurity).

In the second perspectives paper, Renewing the Board, GNDI advocates for  a performance management approach to board renewal to create long-term value and argues that the board should disclose these policies and processes to its shareholders and other stakeholders to allow for better engagement with these groups. The paper also argues that boards should cast a wide net when adding or replacing a director and should consider the need for diversity of thought, skills and experience on the board when considering appointments.

The paper further highlights that while term limits can act as a backstop against excessive tenure length, they should not be the only renewal mechanism used by boards as they can have the effect of substituting for difficult conversations with underperforming directors or can lead to the replacement of effective directors.

The policy perspectives on cybersecurity and board renewal are available for download at www.gndi.org.

GNDI is an international network of 16 director institutes and was established in December 2012 to foster closer cooperation between its members, who are each recognized as the primary institute for directors and governance in their respective country.

The following organisations are members of GNDI:

• Australian Institute of Company Directors (AICD)
• Brazilian Institute of Corporate Governance (IBGC)
• European Confederation of Directors Associations (ecoDa)
• GCC Board Directors Institute (BDI)
• The Hong Kong Institute of Directors (HKIoD)
• Institute of Corporate Directors (ICD), Canada
• Institute of Directors in New Zealand (IoDNZ)
• Institute of Directors in Southern Africa (IoDSA)
• Institute of Directors (IoD) in the United Kingdom
• Malaysian Alliance of Corporate Directors (MACD)
• Mauritius Institute of Directors (MIoD)
• National Association of Corporate Directors (NACD), United States.
• Pakistan Institute of Corporate Governance (PICG)
• Singapore Institute of Directors (SID)
• Swiss Institute of Directors (SIoD)
• Thai Institute of Directors (TIoD)

For further details please contact:
Maliha Aqeel, director of communications, Institute of Corporate Directors
+1 416 593 7741 ext. 229, maqeel@icd.ca
www.gndi.org

Media Release
Date:November 27, 2015

The Global Network of Director Institutes (GNDI), the international network of director institutes, has issued new perspectives papers on two governance issues that have dominated the board agenda globally this year.

“In the last 12 months, discussions have focused on the changing role of the board to be more resilient against cyber threats and address expectations regarding performance, culture and board diversity through renewal,” said Stan Magidson, Chair of the Global Network of Director Institutes and President and CEO of the Institute of Corporate Directors, Canada. “These are global issues and members of GNDI have issued global recommendations for boards to consider.”

In the first paper, Guiding Principles for Cybersecurity Oversight, GNDI proposes three areas of focus: people, processes and technology. Likening cybersecurity to the “fourth estate”, the global network says that cybersecurity falls outside the traditional borders of oversight, accountability and control, and therefore requires a new approach.

The organisation is calling on boards to consider placing cybersecurity as a specific accountability of one of the officers reporting to the board, to inform themselves of specific operational, reporting and compliance aspects of cybersecurity, and lastly to consider adding a member with some knowledge of information technology (including digitalization and cybersecurity).

In the second perspectives paper, Renewing the Board, GNDI advocates for  a performance management approach to board renewal to create long-term value and argues that the board should disclose these policies and processes to its shareholders and other stakeholders to allow for better engagement with these groups. The paper also argues that boards should cast a wide net when adding or replacing a director and should consider the need for diversity of thought, skills and experience on the board when considering appointments.

The paper further highlights that while term limits can act as a backstop against excessive tenure length, they should not be the only renewal mechanism used by boards as they can have the effect of substituting for difficult conversations with underperforming directors or can lead to the replacement of effective directors.

The policy perspectives on cybersecurity and board renewal are available for download at www.gndi.org.

GNDI is an international network of 16 director institutes and was established in December 2012 to foster closer cooperation between its members, who are each recognized as the primary institute for directors and governance in their respective country.

The following organisations are members of GNDI:

• Australian Institute of Company Directors (AICD)
• Brazilian Institute of Corporate Governance (IBGC)
• European Confederation of Directors Associations (ecoDa)
• GCC Board Directors Institute (BDI)
• The Hong Kong Institute of Directors (HKIoD)
• Institute of Corporate Directors (ICD), Canada
• Institute of Directors in New Zealand (IoDNZ)
• Institute of Directors in Southern Africa (IoDSA)
• Institute of Directors (IoD) in the United Kingdom
• Malaysian Alliance of Corporate Directors (MACD)
• Mauritius Institute of Directors (MIoD)
• National Association of Corporate Directors (NACD), United States.
• Pakistan Institute of Corporate Governance (PICG)
• Singapore Institute of Directors (SID)
• Swiss Institute of Directors (SIoD)
• Thai Institute of Directors (TIoD)

For further details please contact:
Maliha Aqeel, director of communications, Institute of Corporate Directors
+1 416 593 7741 ext. 229, maqeel@icd.ca
www.gndi.org

Media Release
Date: May 7, 2015

The Global Network of Director Institutes (GNDI), the international network of director institutes, has issued a new perspectives paper to guide boards in looking at governance beyond legislative mandates.

The Guiding Principles of Good Governance were developed by GNDI as part of its commitment to provide leadership on governance issues for directors of all organisations to achieve a positive impact.

“Good governance is a key element of creating value over the short, medium and long terms,” states Mr. Stan Magidson, chair of GNDI and president and CEO of the Institute of Corporate Directors in Canada.

“These Guiding Principles, although not prescriptive, are considered best practice for effective governance, and when applied will allow organisations to create or refine effective governance systems,” he explains.

Aimed at providing a framework of rules and recommendations, the 13 principles laid out in the guideline cover a broad range of governance-related topics including disclosure of practices, independent leadership and relationship with management, among others. The full principles can be found at www.gndi.org/papers.

“An international pool of governance experience has been brought into the development of these guiding principles,” said Mr. Magidson. “They represent the collective insight, expertise and judgment of leading directors from around the globe.”

GNDI is an international network of 15 director institutes and was established in December 2012 to foster closer cooperation between its members, who are each recognized as the primary institute for directors and governance in their respective country.

The following organizations are members of GNDI:

• Australian Institute of Company Directors (AICD)
• Brazilian Institute of Corporate Governance (IBGC)
• European Confederation of Directors Associations (ecoDa)
• GCC Board Directors Institute (BDI)
• Hong Kong Institute of Directors (HKIoD)
• Institute of Corporate Directors (ICD), Canada
• Institute of Directors in New Zealand (IoDNZ)
• Institute of Directors in Southern Africa (IoDSA)
• Institute of Directors (IoD) in the United Kingdom
• Malaysian Alliance of Corporate Directors (MACD)
• Mauritius Institute of Directors (MIoD)
• National Association of Corporate Directors (NACD), United States.
• Singapore Institute of Directors (SID)
• Swiss Institute of Directors (SIoD)
• Thai Institute of Directors (TIoD)

For further details please contact:
Maliha Aqeel, director of communications, Institute of Corporate Directors
+1 416 593 7741 ext. 229, maqeel@icd.ca
www.gndi.org

Media Release
Date: April 30, 2015

The Global Network of Director Institutes (GNDI) has widened its membership to include director institutes from Switzerland and the Gulf Cooperation Council, reflecting the rapid growth of the organisation and its capacity to advocate on behalf of global directors.

The Swiss Institute of Directors (SIoD) and GCC Board Directors Institute (BDI) were invited to join the ranks of the global network, which already includes leading director associations from Australia, Brazil, Canada, Hong Kong, Malaysia, Mauritius, New Zealand, Singapore, Southern Africa, Thailand, United Kingdom, and the United States.

“The inclusion of the Swiss Institute of Directors and the GCC Board Directors Institute to the GNDI network further strengthens GNDI’s reach across international markets,” said Mr. Stan Magidson, chair of the GNDI and president and CEO of the Institute of Corporate Directors in Canada.

“The geographic growth also supports the role GNDI has assumed in keeping the global director community abreast of the latest thinking and developments in corporate governance,” Mr. Magidson added.

“The Swiss Institute of Directors is looking forward to a fruitful exchange and cooperation with the other director institutes,” said Dr. Martin Hilb, President of the Swiss Institute of Directors.

“We are honoured to join the GNDI network of leading director institutes from around the globe and to support its mission to enhance director capabilities in order to drive sustainable performance for the benefit of all stakeholders,” said Nathalie Potvin, Executive Director, GCC Board Directors Institute.

GNDI is an international network of 15 director institutes and was established in December 2012 to foster closer cooperation between its members, who are each recognized as the primary institute for directors and governance in their respective country.

The following organizations are members of GNDI: 
• Australian Institute of Company Directors (AICD)
• Brazilian Institute of Corporate Governance (IBGC)
• GCC Board Directors Institute (BDI)
• European Confederation of Directors Associations (ecoDa)
• Hong Kong Institute of Directors (HKIoD)
• Institute of Corporate Directors (ICD), Canada
• Institute of Directors in New Zealand (IoDNZ)
• Institute of Directors in Southern Africa (IoDSA)
• Institute of Directors (IoD), United Kingdom
• Malaysian Alliance of Corporate Directors (MACD)
• Mauritius Institute of Directors (MIoD)
• National Association of Corporate Directors (NACD), United States
• Singapore Institute of Directors (SID)
• Swiss Institute of Directors (SIoD)
• Thai Institute of Directors (TIoD)

For further details please contact:
Maliha Aqeel, director of communications, Institute of Corporate Directors
+1 416 593 7741 ext. 229 or +1 416 829 9808, maqeel@icd.ca

www.gndi.org

April 16, 2015
Media Release

The Global Network of Director Institutes (GNDI) today announced the launch of a new global program which will unlock access to benefits and governance resources for directors from around the world.

The Global Passport allows directors who are members of their GNDI home country member organization to access benefits from affiliated director institutes at discounted rates. Benefits include subscriptions to member-only publications, online governance resources, special pricing for events and director registry services, among others.

 “The Global Passport program will provide opportunities for directors to learn from their international colleagues and to keep current on global business and governance trends that affect their organizations,” said Mr. Stan Magidson, chair of GNDI and president and CEO of the Institute of Corporate Directors in Canada.

 The network, which represents more than 100,000 directors from around the world, launched the initiative at the inaugural GNDI summit on cyber security in Washington, D.C., attended by leading international directors and CEOs.

“The events of the last few years have shown us that corporate governance and the role of directors is not limited to a single geography,” said Mr. Magidson. “The Global Passport will open doors for further collaboration across jurisdictions and, hopefully, result in better performing boards and organizations.”

 GNDI is an international network of 15 director institutes and was established in December 2012 to foster closer cooperation between its members, who are each recognized as the primary institute for directors and governance in their respective country.

 The following organizations are members of GNDI:

• Australian Institute of Company Directors (AICD)
• Brazilian Institute of Corporate Governance (IBGC)
• GCC Board Directors Institute (BDI)
• European Confederation of Directors Associations (ecoDa)
• Hong Kong Institute of Directors (HKIoD)
• Institute of Corporate Directors (ICD), Canada
• Institute of Directors in New Zealand (IoDNZ)
• Institute of Directors in Southern Africa (IoDSA)
• Institute of Directors (IoD), United Kingdom
• Malaysian Alliance of Corporate Directors (MACD)
• Mauritius Institute of Directors (MIoD)
• National Association of Corporate Directors (NACD), United States.
• Singapore Institute of Directors (SID)
• Swiss Institute of Directors (SIoD)
• Thai Institute of Directors (TIoD)

For further details please contact:

Maliha Aqeel, director of communications, Institute of Corporate Directors

+1 416 593 7741 ext. 229 or +1 416 829 9808, maqeel@icd.ca

Media Release
Date: 9 December 2014

Stan Magidson has been appointed chair of the Global Network of Director Institutes (GNDI), effective from December 12, 2014, as part of a formal rotation policy for GNDI’s chairmanship and secretariat.

Mr Magidson, whose appointment was unanimous, is also chief executive officer of the Institute of Corporate Directors in Canada. He replaces the inaugural GNDI chair and chief executive officer of the Australian Institute of Company Directors, John Colvin.

“It is a privilege to lead the GNDI as it moves into the next phase of its growth. It is our ambition to become an even more respected participant in international debates that impact both directors and the organizations they govern,” Mr Magidson said.

The Institute of Corporate Directors in Canada will also take over responsibility for the GNDI secretariat from the Australian Institute of Company Directors as part of the handover.

GNDI is an international network of 13 director institutes and was established in December 2012 to foster closer cooperation between its members, who are each recognised as the primary institute for directors and governance in their respective country.

It represents more than 100,000 directors from around the world, following the addition this year of new member institutes from Hong Kong, Singapore and Mauritius. Further members are expected to join soon.

 “In today’s globalised marketplace, it is essential that directors work together to ensure the best policy and legislative outcomes for their respective organizations,” Mr Magidson said.

In its short life, GNDI has made important contributions to global discussions around boardroom diversity, audit quality and shareholder communications.

“GNDI’s success since its inception reflects the important role that directors play in  the global economy. I look forward to watching it progress under both the ICD and Stan’s capable leadership,” Mr Colvin said.

Mr Magidson was formerly deputy chair of GNDI, a position that will now be held by Simon Walker of the Institute of Directors in the United Kingdom.

The following organizations are members of GNDI:

• Australian Institute of Company Directors (AICD)
• Brazilian Institute of Corporate Governance (IBGC)
• European Confederation of Directors Associations (ecoDa)
• Hong Kong Institute of Directors (HKIoD)
• Institute of Corporate Directors (ICD) in Canada
• Institute of Directors in New Zealand (IoDNZ)
• Institute of Directors in Southern Africa (IoDSA)
• Institute of Directors (IoD) in the United Kingdom
• Malaysian Alliance of Corporate Directors (MACD)
• Mauritius Institute of Directors (MIoD)
• National Association of Corporate Directors (NACD) in the United States.
• Singapore Institute of Directors (SID)
• Thai Institute of Directors (TIoD)

For further details please contact:

Maliha Aqeel, director of communications, Institute of Corporate Directors

+1 416 593 7741 ext. 229, maqeel@icd.ca

www.gndi.org

Media Release
Date: 28 May 2014

Global directors’ network expands its reach in Asia Pacific and Africa

The Global Network of Director Institutes (GNDI) has increased its membership to 13 of the world’s most influential governance groups after peak directors’ bodies in Hong Kong, Singapore and Mauritius were invited to join its ranks.

Their decision to join GNDI less than two years after its inception reflects its growing influence across international markets and further increases it capacity to advocate on behalf of the global directors community.

“We are extremely pleased that each of these high-profile organisations has joined us. The growth of our network is recognition of the role that good governance plays in driving sustainable business performance for the benefit of shareholders, the economy and society in all countries,” said GNDI chairman and chief executive officer of the Australian Institute of Company Directors, John Colvin.

“In its short life, GNDI has made an important contribution to global discussions around issues such as boardroom diversity, audit quality and shareholder communications. As our membership continues to grow, we will be able to exert more influence in the policy debate that affects global business,” Mr Colvin said.

‘Our charter also requires us to explore emerging issues that have a global impact on corporate governance and to educate key influencers about the benefits of exemplary leadership in the boardroom.”

GNDI is an international network of 13 director institutes in Australia, Brazil, Canada, Europe, Hong Kong, Malaysia, Mauritius, New Zealand, Singapore, South Africa, Thailand, the United Kingdom, and the United States.

It was established to foster closer cooperation between its members, who are globally recognised for their pre-eminence in board and director development.

The following organisations are members of GNDI and collectively represent more than 100,000 corporate directors worldwide: 

• Australian Institute of Company Directors (AICD) 
• Brazilian Institute of Corporate Governance (IBGC) 
• European Confederation of Directors Associations (ecoDa)
• Hong Kong Institute of Directors (HKIoD)
• Institute of Corporate Directors (ICD) in Canada 
• Institute of Directors in New Zealand (IoDNZ) 
• Institute of Directors in Southern Africa (IoDSA) 
• Institute of Directors (IoD) in the United Kingdom 
• Malaysian Alliance of Corporate Directors (MACD)
• Mauritius Institute of Directors (MIoD)
• National Association of Corporate Directors (NACD) in the United States. 
• Singapore Institute of Directors (SID)
• Thai Institute of Directors (TIoD)

For further details please contact: 
Alison Kahler, media and government relations advisor, Australian Institute of Company Directors
+61 2 8248 6612, akahler@companydirectors.com.au 

www.gndi.org 

Media Release
Date: 28 May 2014

Global directors urge business to take a longer-term outlook

 An international network of directors institutes has called on corporate decision makers to abandon short-term perspectives and objectives in
favour of longer-term considerations that will produce more sustainable outcomes.

The Global Network of Director Institutes (GNDI) argues in a new paper released today that excessive short-termism may lead to reduced
shareholder value and returns over the longer-term as result of the following:

• missed opportunities to create enduring value for a company and therefore its shareholders.
• under-investment  in value-creating opportunities such as  research and  development
• the rejection of long-term projects, or projects with high  build or sunk costs, including infrastructure and high-tech projects.

“Boards need to think about the strategic decisions in the  context of the long-term financial health of their companies There are occasions
where it is best to reject actions that will produce short-term gains at the expense of longer-term interests of a company and its shareholders,”said chair
of GNDI, John Colvin.

“Directors should consider developing and disclosing a clear framework for managing long-term value creation and curbing excessive short-termism,” Mr Colvin said.

GNDI was founded in 2012 and brings together 10 member-based director associations from around the world with the aim of furthering good
corporate governance. Together, the member institutes comprising the GNDI represent more than 100,000 directors from a wide range of organisations.

The new GNDI paper sets out are some suggested practices, which extend beyond minimum regulatory requirements, that boards of listed companies could adopt to help foster longer-term value creation. These include:

• Setting forward-looking strategic goals and  implementation plans that are properly monitored.
• Reporting practices that disclose short-term performance in the context of medium and long-term goals and strategies. 
• Executive remuneration that is based on long-term performance measures to avoid excessive weighting of short-term remuneration.

“Many member countries of GNDI have taken steps to foster better  long-term decision making in the corporate world. GNDI supports these efforts to
curb excessive short-termism and encourages business leaders to remain committed  to producing sustainable outcomes to the benefits of all stakeholders,” Mr Colvin said.

Read the Perspectives Paper here.

• Date: 19 December 2013

In late 2013, the Global Network of Director Institutes (GNDI) released a perspectives paper on board-shareholder communications. This
paper [j1] offers suggestions intended to inspire improvements on both sides of the dialogue between boards and company shareholders. 

GNDI believes that shareholder engagement forms a key part of how boards determine what is in a company’s best interest.  

GNDI is also of the view that board-shareholder communications should not be mandated through the adoption of new legislation or regulation (except in those jurisdictions where current legislation or regulation prevents or limits such communications) — voluntary action is the key to effective communication. 

Members of GNDI – director institutes around the world – favour regular, direct communications between shareholders and company directors.  

GNDI also recommends that directors monitor shareholder communication issues specific to their own countries, as outlined with the perspectives paper. 

For further information: 

GNDI Policy Committee: gndi@companydirectors.com.au, +61 2 8248 6600 or your local director institute.

Read the Board-Shareholder Communications Perspectives Paper.