Associate Professor Massimo Garbuio
The Australian Institute of Company Directors (AICD) has again partnered with the University of Sydney Business School to produce a report on Australian boards鈥 focus on innovation and the impact of the pandemic.
The 2022 report follows the Australian-first 2019 study which highlighted the crucial role directors have to play in driving organisational innovation.
Three years on from , this year鈥檚 report examines how boards have changed practices in a world transformed by the COVID-19 pandemic and a volatile operating environment characterised by significant uncertainty.
The study was informed by a survey of more than 850 AICD members and insights from some of the country鈥檚 leading directors on what it takes for boards to drive an innovative culture, overcome risk aversion, and remain competitive in a rapidly changing global economy.
Report co-author, University of Sydney Business School Associate Professor Dr Massimo Garbuio said: 鈥淐OVID has forced Australian boards to play catch up to a large extent, and our research tells us there鈥檚 now a much higher awareness among boards and directors of future-proofing their organisations by adopting innovative practices and approaches.
Working from home is now the norm, among other flexible working arrangements, and we鈥檝e also seen the acceleration of e-commerce solutions for many retailers. Necessity is the mother of invention, but it鈥檚 time for boards to embrace innovation beyond what is immediately necessary for survival.
AICD Managing Director and CEO Mark Rigotti welcomed the latest report which he said had shown necessity to be a powerful driver of innovation.
鈥淚t鈥檚 now up to all of us to help build on the progress that鈥檚 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.
鈥淥ur country鈥檚 continued prosperity depends on it.鈥
Innovation in the boardroom: Rising to the challenge? also provides guidance to boards on how to incorporate innovation into their thinking, culture and practice.
Its key recommendations to ensure innovation is prioritised by boards:
顿别肠濒补谤补迟颈辞苍:听Innovation in the boardroom: Rising to the challenge?聽was supported by an Australian Government grant to promote digital literacy and decision-making capacity among Australian directors and leaders.