Skills and competencies matrix

Does your board have a skills and competencies matrix? If so, when was the last time it was reviewed?

A skills and competencies matrix shouldn't be seen as a fixed list of individual director skills.

Below are some key considerations that go into developing and maintaining a strategic skills and competencies matrix:

• Before a matrix is even developed, consider the necessary and desired skills mix for your board, taking into account your organisations strategy, size, industry, and regulatory and operating environment. This step could be led by your organisation's nominations committee, by your board chair with the support of your secretary, or facilitated independently by an external partner

• Once the necessary and desired skills mix for your board has been identified, a skills matrix serves to map the current skills and capabilities of board members against the desired skills.

• This mapping exercise makes visible any gaps in skills or competencies and serves as a starting point for the board to consider how it will move towards closing those gaps

• It is important to remember that individual skills and capabilities evolve over time, so a regular review, perhaps as part of your board's annual performance evaluation, is crucial to maintaining awareness of your board's capabilities and alignment to its desired skills mix.

At The Governance Guide I can help you to identify your board's desired skills mix, as well as undertake a board composition review. Reach out to rachel@thegovernanceguide.com.au if you'd like to find out more.

Photo by John Moeses Bauan on Unsplash