In his speech, Dr. Thomadakis mentioned that the PIOB has fulfilled successfully a demanding mandate: to build and operate an oversight framework; to ensure that international standards for audit and ethics embody clear public interest objectives; and respond to the needs of global users, while maintaining clarity and high quality.

Review the full speech on the IESBA's website.

Re­view the press re­lease on OSFI's Web site.

To manage all relationships well, board directors need the ability to inspire and influence others. They often need to be good problem-solvers, which can be challenging when it’s difficult to predict how people will respond or be able to work together.

Review the article on the BoardEffect's website.

For example, Norton Security states that cybercriminals hit the financial services industry harder than any other industry in 2018 and the few years preceding it. According to consumer reports, there is an increase in identity theft by 400% from 2017-2018. Banks and other financial institutions need to take special care to ensure that they can protect the security and privacy of their customers. Bank boards need to act now to bolster their security policies and practices and continue monitoring their security protocols as the sophistication of cybercrime continues to increase.

Review the full article on the Board Effect's website.

“Today, every CEO—whether they like it or not—is a technology CEO,” said Bob Kress, an MD at Accenture Security, where he is the co-COO and global lead for quality and risk. “I can’t name a single business process that isn’t underpinned by technology or being disrupted by technology to deliver different services in a different way. As you think about your roles as board members, are you helping the C-suite identify that sweet spot of being aggressive enough in leveraging technology to re-engineer operating models while also understanding the risk associated with that and the underlying capabilities in the organization? If you get too far on either end of the spectrum, you’re putting the organization at risk.”

Review the blog on the NACD's website.

The publication discusses the new environmental, social, and governance (ESG) disclosure framework developed by the Big Four accounting firms. The framework includes a universal set of metrics and recommended disclosures intended to lead to a more comprehensive global corporate reporting system. The framework divides disclosures into four pillars — principles of governance, planet, people, and prosperity — that serve as the foundation for ESG reporting standards.

Review the press release and report on the WEF's website.

In addition, see Deloitte's Purpose-driven Business Reporting in Focus — Progress towards a comprehensive corporate reporting system.

Cyberattacks have become so commonplace that it’s becoming one of companies’ highest priorities. In fact, about 40% of companies claim that cybersecurity is and will continue to be the top priority in their budget allocation for technology reporting. With almost one-third of businesses in the U.S. have suffered a data breach, companies are realizing that they need to do more than address cybersecurity issues on the technical end. It’s equally important to build a cybersecurity culture among the employees. That’s because human error is the top cybersecurity risk in the workplace.

Review the full blog on the Board Effect's website.

This project was undertaken alongside their work on climate change. In both of these projects there was a clear desire for reporting around four elements, namely governance and management, business model and strategy, risk management and metrics and targets. As such, the Lab’s insights follow these four elements.

There are examples of developing reporting practice, but further improvements can be expected as regulatory changes and investor expectations develop. To assist, this report sets out how companies can make their reporting more effective and comprehensive by providing a set of questions that they should ask to help develop their reporting.

Review the report on the FRC's website.