June 2014 Chartered Directors programme will help assure directors’ skills

Guest Contributor: (late) Dr William Whittaker

People can be a lot more assured that directors have the skills and knowledge to govern effectively following Monday’s AGM decision to introduce the Chartered Director programme.

The introduction of the Chartered Director programme is the biggest change in the IoD’s history and will take the professionalism of IoD members to a new level. It will also align New Zealand more closely with our trans-Tasman partners and will go a long way toward creating a common currency for directors operating on both sides of the Tasman.

Chartered Director will offer stakeholders and investors an assurance that directors have met certain professional standards and that they have the knowledge to carry out their duties. It provides a framework of standards against which directors’ experience is recognised.

A fundamental requirement of the programme is continuing professional development for most IoD members, which ensures that directors stay current by continuing to undertake training and learning opportunities. Directors will be able to demonstrate their commitment to sound governance through continuing professional development and by participation in a credible framework against which their expertise, experience and level of commitment can be recognised at different stages of their career.

The programme is designed to transition the IoD from a member-based organization to a professional body. By recognising directing as a distinct profession, it will encourage greater professionalism among the wider director community. Directors’ skills, experience, competence and currency of knowledge are their value proposition.

Chartered Director will become operational on 1 October 2014. In the four months until the programme becomes operational, current IoD membership will be transitioned on to the new programme.

Chartered Director will introduce:

  • a new membership structure with seven different levels of expertise and experience. Associate, Member, Chartered Member, Chartered Fellow, Distinguished Fellow, Retired Fellow and Retired
  • a requirement for continuing professional development (CPD) for most member categories apart from Associate and Retired
  • annual disclosure and commitment to ethical standards under a charter

Dr William Whittaker,

Chief Executive, Institute of Directors