In an era of rapid technological advancements, shifting regulatory landscapes, and evolving stakeholder expectations, traditional governance models may no longer suffice. It's time to rethink our approach and ensure that our governance practices are aligned with our organisation's unique needs and strategic goals.

My guest today is Dr Dean Blomson. Dean is a highly experienced strategy and transformation advisor, having previously served as a consulting partner with several global consulting firms. He has a strong interest in improving decision quality (and the probabilities of success), having been involved in leadership and governance over major capital commitments (M&A, capital projects, transformations), program disciplines and delivery.

Dean has a PhD in board governance of mergers and acquisitions, operates his own independent strategic advisory business, is a board director, and a part-time professor and regular teacher of executive MBAs.

Our conversation in this episode centres around the findings of a collaborative, thought-provoking research project in 2021 that Dean led and co-authored with EY’s Global Centre for Board Matters into Board Governance Models of the Future.

Specifically, we'll delve into the following questions:

• What is fit-for-purpose governance? How does it differ from the often adopted "governance by default"?
• What factors make governance "fit for purpose" or not? What are the key attributes of effective governance?
• How can we identify the signs that our governance practices are outdated or ineffective? What are the warning signals that should prompt us to take action?
• How can boards and organisations evolve their governance practices to be more fit for purpose? What are the best practices and strategies to adopt?
• What are the common pitfalls to avoid when modernizing governance? How can we navigate the challenges and ensure a successful transition?

By the end of this episode, you'll have a clear understanding of fit-for-purpose governance and be equipped to assess your Board's current practices. Join us as we explore how to build a strong foundation for long-term success.

Links Mentioned and Useful Resources

Connect with Dean on LinkedIn

EY’s Global Centre for Board Matters into Board Governance Models of the Future

Thinking outside the governance box to the board of the future: Exploring “fit-for-future-purpose” governance operating models (Corporate Board: Role, Duties & Composition, Volume 17, Issue 2, 2021, Virtus Press)

Risk Governance & Control: Financial Markets & Institutions / Volume 13, Issue 3, 2023, Virtus Press

For an overview of Dean’s fit-for-purpose governance model, I recommend watching the following webinars and downloading the slide resources.

Does governance need a reboot? Governance 4.0?

How to determine if your governance is fit for purpose

How to think differently about whole of business governance

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