Directors and trustees are advised to undertake training both when they join a board and as they continue to carry out their duties as directors and trustees. With increasing interest from owners/shareholders, it is crucial that directors and trustees are up-to-date with governance developments and the regulatory environment.
The main types of training are:
- Comprehensive courses
Range from one day to five days, or can be a module in a university course, can be for aspiring directors or for more experienced directors.
- In the boardroom training
Tailored workshops to address particular issues facing a board, which could be followed by a series of short courses and seminars
- One-on-one mentoring
Useful for new directors. Senior directors may also choose to meet with a mentor one week before each board meeting if the board is managing particularly difficult changes.
The board should allow a budget for director and trustee training and encourage all directors to attend courses annually.
There are many organisations, both public and private, that offer director and trustee training.
Some examples of providers are:
- The Institute of Directors in New Zealand Inc offers two and five day intensive training for new directors.