The priorities of business leaders has changed significantly in the last 12 months, according to a new report.
The Deloitte Global Director 360 survey shows that achieving growth is now a major concern among Irish directors, with 31% highlighting it as a top priority.
This marks a noticeable shift away from concerns over the financial crisis, according to Deloitte partner, Colm McDonnell.
“As the economy begins to improve in Ireland, we are seeing this reflected in directors’ priorities. Last year, Irish directors indicated they were very focussed on the financial crisis and regulation, governance and compliance.
“There has now been a significant shift in their priorities. Directors are now focussing on the creation of long term sustainable growth through &mergers and acquisitions activity and capitalising on organic market opportunities,” said Mr McDonnell.
The survey also revealed management of their company’s strategy as directors’ chief concern in the coming two years, while slightly less than a third identified the performance of their business as the key issue.
While governance issues ranked highly on directors’ lists of priorities 12 months ago, it appears this is no longer the case as the majority are satisfied with governance and oversight in CEO succession planning, executive compensation, evaluation of board performance and shareholder engagement.
Cyber security and data privacy issues fail to register for many directors with 17% stating that they do not discuss such issues at all.
IBEC director of business representation, Mary Rose Burke said, “Board agendas and the priorities of directors are changing, both in Ireland and internationally. More importance is being attached to board performance, sustainability and corporate governance. The challenge is to remain flexible to ensure business performance is maximised and risks are avoided,” she added.
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