Council Minutes - Town of Cambridge

COUNCIL MINUTES
TUESDAY 28 AUGUST 2012
When considering this matter in June 2011, the Council agreed that future Ocean Gardens
(Inc) Board Member nominations be assessed by the Council in accordance with the
following eligibility requirements:-
"Board Composition and Director Competencies
What shared knowledge and competencies should the Board have across its members
• Strategic expertise - the ability to review and develop strategy;
• Accounting and finance - the ability to understand the economics of the village (at
ownership and operational levels), the financial consequences of decisions, financial
material presented to the Board, financial reporting requirements and some
understanding of corporate finance;
• Legal - the Board's responsibility involves overseeing compliance with numerous
laws as well as understanding an individual Director's legal duties and
responsibilities;
• Managing risk - experience in managing areas of major risk to the organisation;
• Managing people and achieving change;
• CEO/Senior management/Business experience;
• Industry knowledge - experience in similar organisations or industries including:-
- house building
- construction
- aged care
- retirement villages
Directors may and are expected to acquire knowledge and competency in these areas
through their work on the Board.
The composition of the Board will take into account the need for Board continuity and
retention of corporate knowledge.
What personal qualities should Board members have
While different directors can bring different technical skills and knowledge to a Board, there
are personal qualities that are desirable in all Directors:-
• Integrity - fulfilling a Director's duties and responsibilities, putting the organisation's
interests before personal interests, acting ethically;
• Curiosity and courage - a Director must have the curiosity to ask questions and the
courage to persist in asking or to challenge management and fellow Board members
where necessary;
• Interpersonal skills - a Director must work well in a group, listen well, be tactful but
able to communicate their point of view frankly;
• Genuine interest in the organisation and its business;
• Instinct - good business instincts and acumen, ability to get to the crux of the issue
quickly;
• Commercial common sense - a Director must be able to make decisions on a
sensible and commercial basis;
• An active contributor - there is no room on Boards today for those who do not
contribute;
• Time - Directors must ensure that they have adequate time to devote to the
organisation's affairs."
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