The 2022 IoD Guernsey Convention focused on how to navigate the ‘new order’ of geopolitical risk, protectionism and what this means for businesses and directors in Guernsey. The event highlighted how to look beyond the bottom line and facing challenges in the year ahead, how to break away from the mould of traditional decision-making, the importance of communication with key stakeholders and how to create long-lasting change.
At her final IoD Convention as Chair of the IoD Guernsey, Wendy Dorey gave the below closing remarks on decision-making, collaboration and trust within businesses and the States of Guernsey ahead of another series of turbulent times.
‘One of the key themes to emerge from this evening’s session was the importance of good decision-making. We’ve learnt that devolving decision-making leads to better decisions and that using expert panels to feed in different views also gives better outcomes. Indeed, the importance of considering a range of options before making a decision is critical; when teams identify seven or more choices, they make better decisions 95% of the time. Also, diversity of thinking leads to better decision-makingwith decisions made by Boards that are diverse by gender, age and geography being twice as likely to deliver results that meet or exceed expectations.
‘This is my last big event as Chair of the IoD Guernsey Branch, so I’d like to share a few thoughts from my two-year term. It strikes me that the most important success factors for business, the civil service and deputies over the coming years are collaboration, trust and mutual respect.
‘Collaboration between key States committees is essential to tackle the big challenges that Guernsey is facing - from the tax review to the population review, these issues span all of the committees: P&R, Economic Development, Environment & Infrastructure, Home Affairs, Employment & Social Security and Health and Education. It seems to me that there are still too many committees working in silos, and I would encourage every committee to listen, offer constructive challenges, and work through their differences. Collaboration is not possible, however, without trust. According to the Harvard Business Review, there are 3 key elements to trust:
- Positive relationships, which require good conflict resolution and cooperation skills
- Good judgement; seeking a broad range of opinions
- Consistency, such as setting the tone from the top, honouring commitments and following through
‘Of these three elements, positive relationships are the most significant. If this Assembly really wants to be a ‘States of Action’, creating a culture of collaboration and trust, where there is a high level of mutual respect, will be the most effective way to get results.
‘Particularly important in the context of an ageing demographic is youth engagement. Inspired by panellist, Akash’s role on ‘The Good Future Board’, the IoD Guernsey committee will follow good practice by appointing our own youth advisory panel. We’re excited to see what a ‘Generation Z’ perspective will bring to the IoD.
‘I hope the event has prompted lots of discussion around the tables and has given everyone some practical steps to take away to help future-proof their business. The IoD firmly believes that better directors make better businesses. We have really focussed on director development over the past year, to equip you with the knowledge and skills that you need.
‘Thank you to everyone for attending, our speakers, organisers of the event and the sponsors: Headline Sponsor; Carey Olsen, Speaker Sponsor; Teneo, Panel Sponsor; Deloitte, Dinner Sponsor; Credit Suisse and Annual Digital Sponsor; JT.’