In the aftermath of the global financial crisis, directors and board members need to take charge and be the agents of constructive and necessary change in providing clear direction for their respective teams, as well as increasing efficiency and effectiveness in the workplace.

Assistant Managing Director of Autoriti Monetari Brunei Darussalam (AMBD) and Acting CEO of the Centre for Islamic Banking, Finance and Management (CIBFM) Hajah Sufinah binti Haji Sahat made these remarks yesterday, at the opening of the Directors’ Forum jointly organised by the CIBFM and Securities Industry Development Corporation (SIDC) Malaysia, at the Radisson Hotel in the capital.

According to Hajah Sufinah, the biggest disrupters that tend to hinder performance and progress in an organisation include role ambiguity, poor process management, poor team dynamics and lack of alignment, and agreement, on company strategy.

She also said that over the past decade, the definition of board effectiveness has shifted dramatically, according to the Harvard Business Review.

“Directors are now, not only required to be courageous and battle-tested but also to fully understand and actively engage in virtually all aspects of an enterprise’s operations,” she said.

Under the theme ‘Guiding Companies Through New Challenges’, the forum witnessed an audience of board members, corporate secretaries, CEOs, and other C-Suite executives who were eager to learn more from local and international speakers with vast experience.

The speakers included Associate Professor Mak Yuen Teen of the National University of Singapore (NUS) Business School, Singapore; Managing Director and CEO of DARe (Darussalam Enterprise) Javed Ahmed; Senior Partner at Azmi & Associates, Malaysia Dato’ Azmi Mohd Ali; and member of the Governing Council of the Singapore Institute of Directors Philip Forrest.

Some of the topics discussed were ‘Board’s Roles and Responsibilities: Moving Forward’, ‘Blindspots in Decision Making’, ‘Navigating New Age Risks’, and ‘Financial Matters: Heeding Red Flags and Avoiding Common Pitfalls’.

The forum, supported by AMBD, is the first collaboration between the CIBFM and SIDC to develop and provide events and learning programmes for capital market learning and development solutions in Brunei.

In line with the CIBFM’s role as the Centre of Excellence for the financial industry in Brunei, Hajah Sufinah said, “CIBFM will continue to develop, organise and launch learning programmes and events to facilitate organisations and to further develop the industry.”