Director financial literacy and effective board governance

What is the purpose of this research?

This research seeks to provide evidence-based insights into how director financial capability and board processes influences board performance and whether individual directors can meet their legal duties relating to diligence, care and solvency. Such insights will help directors and boards improve their governance practices and reduce exposure to legal and financial liability.

Are you looking for people like me?

We are interested in hearing from current and past board directors serving the boards of Australian organisations operating in any sector and financial experts who have experience working with or on the board of Australian organisations. For example, board directors, accountants, chief financial officers, consultants, and trainers.

What will you ask me to do?

There are two opportunities to participate in this project. Participation is anonymous and you can choose the extent of your participation.

Firstly, you may choose to complete an online director financial literacy test and questionnaire at your convenience. Depending on your responses and experience it will take you 20 to 40 minutes to complete both the test and questionnaire. The test includes basic multiple choice questions on accounting and financial reporting.  The questionnaire includes questions on your views on director financial literacy and experience serving boards. Most questions are multiple-choice and you are free to skip any questions or the whole questionnaire.

The second opportunity involves participating in an interview on director financial capability and board governance. Interviews are 30 to 60 minutes duration and may be held face-to-face in Brisbane or remotely e.g. using Zoom, Teams or phone. All responses will remain anonymous.

You will be asked questions about your experience with boards, views on director financial literacy, board effectiveness and the legal and regulatory obligations influencing the governance of Australian organisations.

Are there any risks for me in taking part?

Participating in the interviews may create some inconvenience for you, including finding time in your busy schedule. To minimise inconvenience, interviews will be scheduled at a mutually convenient time and via your preferred medium (eg. face-to-face, phone, Zoom, Skype, etc).

Are there any benefits for me in taking part?

Boards participating in this study will be offered  4 hours of board-specific director financial literacy training.  This training is provided free-of-charge and is delivered in-person in Brisbane or online.

The findings from the study will be shared with all participants.

Participants and their organisations can benefit from the study findings through an improved awareness of how their board's practices and their own financial capability influence performance and risk exposure. Such insights can assist individuals and boards with identifying potential areas for improvement in their firms corporate governance practices.

Will I be compensated for my time?

There is no direct compensation for this project other than the indirect benefits discussed above.

I am interested - what should I do next?

If you are interested, or would like further information, please email me, Jackie Bettington, at j.bettington@qut.edu.au