Articles written By Better Boards

Audit Report

An audit report is a formal opinion or disclaimer, generated by an auditor after thoroughly evaluating an entity’s financial records and statements. The primary purpose is to determine whether the financial statements provide a true and fair view of the organisation’s financial position and performance, typically over a financial year. The report provides stakeholders, such as investors, creditors, and regulatory bodies, with a critical assessment of the accuracy and reliability of the financial information presented by the entity, which aids in decision-making processes.

Boards, CEOs, and Executive Teams: The Good, the Bad, and the Ugly

Navigating the governance processes and human dynamics of the Boardroom can be enough of a challenge for Directors. Understanding and addressing the leadership and management approaches and behaviours of CEOs and Executives typically adds further complexity, let alone the need to establish and operate a Leadership Team. The various dimensions of governance, leadership, and management should not be underestimated. These intricacies form the backbone of organisational success and require a nuanced understanding to foster effective collaboration and strategic alignment.

AI and Your Board – Insights into Responsible Governance

AI is fast-becoming a part of everyday life, and in a corporate environment which places an ever increasing emphasis on responsible governance, it is critical that directors are aware of AI, its uses and risks. The goal of this presentation is to arm board members with the information required to make informed strategic decisions regarding AI, including its adoption within their organisations. This webinar provides board members with: an overview of popular AI tools; examples of how companies have been using AI to transform and innovate their operations (and some examples of when this hasn’t gone to plan); use cases for NFPs (large and small); tips and traps to avoid when implementing AI in organisations.

Admissible

Meeting minutes serve as a legal record of what occurs in a not-for-profit board meeting and can be admissible as evidence during court proceedings. Naturally, board members are responsible for assigning a responsible person to write down motions and approved actions made by directors. Typically, the secretary is tasked with recording the meeting minutes in a timely and accurate way. This is part of the organisation’s obligation to perform due diligence and is an important risk management tool.

What is a Public Ancillary Fund (PubAF)?

A Public ancillary fund (PubAF) is an entity that receives and distributes money or property to charitable organisations. PubAFs are run by a company that agrees to assume the role of a trustee. They are typically led by a group of individuals who are recognised in their community as having important responsibilities or positions such as school principal, member of parliament, or doctor. In 2020, Australia had 3,192 ancillary funds on record valued at a total of $10.

Sociocracy

Sociocracy is founded on the idea that a more equal and democratic structure can create better work conditions and a more coherent system. As an organisational structure, sociocracy is used to create a balance between team member interdependence and autonomy. This approach can be more beneficial for making decisions than a traditional hierarchy that works from the top down. According to Sociocracyforall.org, sociocracy is a ‘peer governance system based on consent’.

What are Related Party Transactions?

Related party transactions are a normal part of the business if your organisation works closely with other entities or individuals and enters into agreements. The Australian government’s regulations for related party transactions likely apply to you. Related party relationships are a normal part of doing business. However, when a person in a leadership position has ties to two entities the organisation conducts business or collaborates with, these relationships can affect the way each entity will manage money, make decisions, or create policies.

Operating Plan

An operating plan is a strategic document that describes the day-to-day operations of a business or organisation. Operating plans include details about the tasks that will need to be completed to reach operational objectives and the responsibilities each team member will be assigned. The goal of the plan is to define how each role in the organisation will work collectively to achieve the vision. In addition to naming the individuals responsible for fulfilling the work, clear deadlines for each task and a description of any costs related to the work must be included in the plan.

What Is Auspicing?

Auspicing is a fairly common practice for unregistered or unincorporated non-profits in Australian such as informal groups or new organisations that may not have legal standing on their own. This type of agreement may be a good fit if a group of individuals or a local club want to run a project or host an event such as a festival or exhibition, a community pilot, a local study group or youth club, or a national sporting competition.

Strengthening Your Governance & Leadership

Over the last 10 - 15 years an ever increasing number of Not For Profit and Social Purpose governing bodies, be they Boards of Directors, Committees of Management or similar entities have significantly developed or improved many elements and processes of their governance and leadership; in essence moving from various traditional governance models to a variety of contemporary governance models. This webinar is squarely focused on assisting leaders of those governing bodies which are either seeking to consolidate their position of contemporary governance or commence the journey to exemplary governance.