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November 2016 DAMA Southern Africa Johannesburg Chapter Meeting
Wed Nov 16, 15:00 - Wed Nov 16, 17:00
Velisa Africa
ABOUT
On 1st November 2016, was the official launch of King IV in South Africa, hosted by the Institute of Directors Of South Africa (IODS). The conference was very well attending and the speakers were excellent. An International Panel, from New Zealand, Brazil, Germany, UK and Canada, shared similar challenges with respect to Corporate Governance. Germany shared on the dual tiered approach to Corporate Governance where they have 2 separate boards reviewing and paying attention to the well-being of the corporation.
The thought of multiple independent boards analysing the same set management reports against different criteria and with different decisions / outcomes, I realized that these challenges are typical information management challenges that we all face in our organizations:
· Inconsistent meaning of words and numbers between board contexts
· Lack of trust of the report information with concerns of potential biases
· Transparency of the information management procedures applied to the collection and aggregation of the diverse information on the report
· Simplicity and understanding of the information presented on the reports
To ensure that the challenges don’t hamper a boards effectiveness, solid Information Management procedures are required to ensure that:
· The different board perspectives still provide a Single version of the Truth
· The trustworthiness, especially provenance, of the Information is traceable
· The information is “fit for purpose” for all the boards involved
Myles Sinclair, an executive coach, member of IODS and SAICA, is currently preparing a set of podcasts to help Directors and Compliance Officers to understand and adjust their approach to the adoption of King IV.
Myles and I have been discussing what the King IV report means to organizations like DAMA Southern Africa. The learning process has been amazing and I am sure that all of us need to and want to understand what this means to our profession and the companies that we work with.
Myles will begin by presenting the core concepts and principles of King IV and then I will share how we see DAMA Southern Africa changing to comply and respond to King IV.
The thought of multiple independent boards analysing the same set management reports against different criteria and with different decisions / outcomes, I realized that these challenges are typical information management challenges that we all face in our organizations:
· Inconsistent meaning of words and numbers between board contexts
· Lack of trust of the report information with concerns of potential biases
· Transparency of the information management procedures applied to the collection and aggregation of the diverse information on the report
· Simplicity and understanding of the information presented on the reports
To ensure that the challenges don’t hamper a boards effectiveness, solid Information Management procedures are required to ensure that:
· The different board perspectives still provide a Single version of the Truth
· The trustworthiness, especially provenance, of the Information is traceable
· The information is “fit for purpose” for all the boards involved
Myles Sinclair, an executive coach, member of IODS and SAICA, is currently preparing a set of podcasts to help Directors and Compliance Officers to understand and adjust their approach to the adoption of King IV.
Myles and I have been discussing what the King IV report means to organizations like DAMA Southern Africa. The learning process has been amazing and I am sure that all of us need to and want to understand what this means to our profession and the companies that we work with.
Myles will begin by presenting the core concepts and principles of King IV and then I will share how we see DAMA Southern Africa changing to comply and respond to King IV.