The Institute of Directors (IoD) in Ireland has launched a new competency framework for directors, senior executives and boards.
The framework is aimed at helping to produce higher standards in corporate governance in Ireland.
The organisation says that the new Continuing Professional Development (CPD) Framework for Directors has been introduced in response to “the ever-evolving policy, regulatory, macro-economic and governance environment”.
The new framework was launched ahead of a conference in Dublin marking 30 years since IoD Ireland’s foundation.
Framework ‘an enabler’
The body’s President John Reynolds said that the framework would act as “an enabler” for individual directors and boards in identifying the necessary skills and expertise needed to direct and control their company, and supporting board-succession planning and development.
“Underpinning the CPD Framework are professional ethics and integrity, behaviours that IoD believes all directors and senior executives should exemplify,” he added.
It is designed around four “dimensions of competency”, which include:
- Governance framework: The legal duties and responsibilities of being a director, the regulatory landscape, specific governance codes, the role of boards and board committees in practice and the operation of a system of internal governance,
- Technical knowledge and skills: The technical skills and knowledge needed on the board – including, technology, financial and ESG-related competencies,
- Creative strategy formulation: The methodologies and inputs to formulating strategy,
- Psychology of the boardroom: The practical realities of boardroom behaviour and dynamics.