In a world where rival superpowers the United States and China are spending many trillions of dollars to win the new digital industrial revolution, Australia’s vital economic statistics and low ambition presents more Banana Republic than a serious and resilient middleweight player.
At the beginning of the next quarter of this tech-led and disrupted 21st century, Australia is the least self-sufficient economy in the developed world with the lowest share of manufacturing – around 5.8 per cent – of any OECD country.
Add to that our often lamented third-world level economic complexity ranking and our low business dynamism.
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I would love to see the AICD contribute more effectively on Australian corporate governance, but Tony Boyd’s remarks about its focus on compliance-driven governance resonate strongly with my own experience, particularly when comparing AICD’s AI Governance reports to my technology governance guide. The AICD approach often feels confined to a narrow regulatory lens to drive training dollars, which stifles the innovative and strategic thinking necessary for navigating complex technologies like AI.
While compliance is critical, governance in rapidly evolving fields like AI demands a more dynamic framework that goes beyond mere adherence to regulations. We need governance that is proactive, grounded in a deep understanding of technology’s potential impact, and able to foster innovation while managing risk. In contrast, I have long emphasised strategic foresight, encouraging boards to not just react to regulatory mandates but to anticipate technological shifts and adapt accordingly.
Given the AICD’s significant influence and its monopoly on director education, there’s an opportunity for it to evolve its offering and empower directors with the forward-thinking skills essential for the digital age. Simply teaching compliance isn’t enough—boards must also learn to lead in environments of uncertainty and innovation.