Ignorance by a director of his or her legal responsibilities can be: ‘Far from bliss.’
This is the unequivocal warning from Alison Kennedy who heads the Institute of Directors’ education programmes in the North West.
‘The programmes offer a range of courses that have been designed by directors for directors,’ said Ms Kennedy.
‘They focus on the essential skills that are required to step up from being a successful manager to being an outstanding director, whether in the private, public or third sector.’
There are two programmes, the Certificate Programme, consisting of four modules, two 2-day modules and two 3-day modules followed by the 3-day Diploma Programme.
Each programme has a related exam and participants who complete both programmes and are successful in both exams are eligible to become chartered directors, the gold standard of company direction.
The next ‘cohort’ starts on island on June 27 and 28 with the module, ‘The Role of the Director and the Board’, tutored by Jo Haigh.
As well as being the first course in the Certificate Programme, it can be taken as a ‘stand-alone’ module.
‘This module is essential for anyone with director responsibilities, or hoping to have them,’ added Ms Kennedy.
‘After attending, those taking part will understand the important role that corporate values play in the development of a successful and responsible business.
‘They will also understand corporate governance and how it shapes the responsibilities and activities of the board.’
She continued: ‘They will understand: the legal status of a company, the different forms this may take and the legal and regulatory environment it must operate in.
‘The role a director plays and the responsibilities and accountabilities associated with the role.
‘The board’s accountabilities and responsibilities to a number of stakeholders and that these relationships need to be managed and considered in board decision making.’
Her comments come in the wake of 11 participants taking the Diploma module, ‘Developing Board Performance’, they will be taking the associated exam in June and if successful they will be eligible to become chartered directors.
All these participants, plus two others who are delaying taking the Diploma, either passed the Certificate Programme exam with an overall distinction or gained a distinction in at least one of the four sections of the exam.
Simon Clague, of Manx Utilities, said: ‘Attending the Certificate Programme has built on my professional accountancy training and experience.
‘It also provided advice on the challenges faced by those in senior management roles, good quality training materials and practical examples.’