manxchatterbox Posted January 17, 2006 Share Posted January 17, 2006 last night the Institute of Directors in conjunction with IOM DTI held a seminar at the Sefton dealing with the Duties and Responsibilities of Company Directors...there were seats for 108 and approx 75 attended. Chris Corlett the DTI Chief Executive spoke...very well...and with confidence and assurance of someone who knows what he's about... I'm sure wherever he goes the IOM will be as well represented as any other jurisdiction could be... His message was that he supported the professional qualification of Directors...and that training should be from and including the top down....even he acknowledged his requirement for continuing professional developement... Bearing in mind that the Council of Ministers are effectively the Board of Directors of IOM plc then shouldn't every memeber be required to undertake the IOD course that is available on the Island at the Int'l Business School???? It was also noticable that a group of five or so all from one of the Island's high profile and top Banking/Corporate Service Providers had obviously decided that they all know waht there is to know about the topic.... since they didn't bother to turn up and claim their name badges...is that corporate arrogorance or corporate ignorance? Link to comment Share on other sites More sharing options...
Grumble Posted January 17, 2006 Share Posted January 17, 2006 No, definitely aggorance.... Link to comment Share on other sites More sharing options...
Gladys Posted January 17, 2006 Share Posted January 17, 2006 I think you mean agnorance! Link to comment Share on other sites More sharing options...
manxchatterbox Posted January 17, 2006 Author Share Posted January 17, 2006 whatever....but if I was at the FSC tomorrow I would be calling up the IOD and asking them who was on the attendance list..who actually turned up... and more importantly who didn't...then ascertaining who those that didn't turn up worked for and making a note on file against them and the relevant CSP.... for extra scrutiny the next time an inspection visit is made....'cos if some directors and managers of CSP's think they know it all then surely those are the people who probably don't..... and will, due to their arrogance, like as not end up in some situation that damages the IOM's reputation..... George Orwell's "Animal Farm" comes to mind... thing is I wonder if the FSC has the resources or intuition to do this sort of thing...which will mean that the wood will still be hidden by the trees...or the chaff will still be mixed with the grain... Link to comment Share on other sites More sharing options...
Gladys Posted January 17, 2006 Share Posted January 17, 2006 For once MCB, I agree with you! But there are more seminars and courses being presented on the topic that are well attended. It is a question of tensions, and I very well understand those. But, I do wonder if many of those that have been appointed to the position of director really understand what that means! Certainly, in my sphere it is not! Question a decision that you are supposed to sign up to and you are "just being difficult"! When I was given the dubious pleasure of being a "key staff member", I did say that I would never sign anything unless I understood it and agreed. I do it nicely, and explain to the staff member why I think there may be a problem. Most times they understand, and little by little, they are now understanding that I don't want to be obstructive, but make sure that the thing is done in the best possible way, with the least risk to me, and the organisation I work for! The hardest thing to understand in this environment is, that it is for real! Link to comment Share on other sites More sharing options...
manxchatterbox Posted January 17, 2006 Author Share Posted January 17, 2006 if you are a 'key staff' member then you might well expect Deemster Kerruish or Doyle to, at some time in the future, pronounce that such people have the same obligations as a director.... with regard to having a fiduciary duty to a Company... ....as such I would ensure that your actions, as a key staff member, are always fully authorised by the directors and their decisions in this regard are documented and recorded in the Minutes of the Company.....this will be your "get out of jail" card ..if it doesn't happen and something goes wrong then you might well expect to appear before the bench and the Nuremburg defence won't help you...and if the directors don't appreciate what protection you are seeking then I would be thinking I was being taken advantage of....its your reputation as well as the reputation of the Company and the directors... Nick Veradi from DC&Co gave a valuable contribution to the seminar by way of his briefing...if you have any worries about signing then try him for a freebie...if its for the sake of education and good governance you might find him amenable... ...apparently Nick has a briefing note available on the subject of Directors Duties and Responsibilities..as I understood it if you e-mail him he will send it to you for free...(free? yes honest that's what was said...) Link to comment Share on other sites More sharing options...
Gladys Posted January 17, 2006 Share Posted January 17, 2006 Without being a smart ass, I fully understand my fiduciary position, I used to give in-house seminars on directors' duties to group directors in my last position! In my own little way, but immensely boring, I think I fully understand the implications. My point is that my colleagues ( as broadly as possible), do not! Link to comment Share on other sites More sharing options...
manxchatterbox Posted January 18, 2006 Author Share Posted January 18, 2006 accepting that you know.......then IMO you have either to educate those that don't to a level that you are happy and comfortable with or look for somewhere else...just don't wait too long and get caught when something goes wrong!! Link to comment Share on other sites More sharing options...
Gladys Posted January 18, 2006 Share Posted January 18, 2006 Busy doing both already MCB! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.