In 2001 we established the Sheffield Academy of Corporate Governance in New Zealand. The Academy is a client-based forum for discussion, research and debate around corporate governance issues facing New Zealand business. The Academy combines Sheffield's experience in strategy consulting with research into current issues and practical experience in the area of corporate governance and organisational development.

On a practical level, the Academy initiates research in partnership with research institutions and holds forums to discuss issues of interest to directors. It publishes research material and bring directors together for the exchange of information. Our research builds on the wide range of work Sheffield already does in the boardroom, for example, strategic planning, leadership development, director evaluation, performance management and the selection of directors.

Membership is open to all Sheffield clients and those with a particular interest in corporate governance from academia, business and government.

Goals of the Academy
- Providing a forum that enhances the standards of corporate governance in New Zealand.
- Developing a larger pool of skilled board members that can influence the new financial, environmental and social fabric of New Zealand.
- Addressing the imbalance between conformance and performance issues, by developing directors who are excited by the challenge of turning vision into reality, is a fundamental ambition of the Sheffield Academy.

Governance Capabilities:
Provision of Remuneration Advice for Boards of Directors
Sheffield's remuneration practice frequently provides recommendations to boards of public and private sector organisations on Director and CEO remuneration. Our advice covers, for example:
- Remuneration benchmarking of boards
- Valuing and recommending long-term measures and developing long-term board payment plans- Financial modelling of remuneration schemes to measure the impact on individuals and the organisation- Investigating a range of factors that may influence board payments

Development of Board Competencies and Performance Appraisal Processes
Particular expertise has been developed in the construction of performance appraisal systems for Board of Directors and for Chief Executives. Such work invariably has involved not only the development of an appraisal process but also the facilitation of reviews on an ongoing basis. Examples include private sector companies, local authority trading enterprises, SOEs, not-for-profit trusts, universities and district councils. A major "best practice" Sheffield report on the performance appraisal of directors was subsequently submitted by one of our clients to CCMAU.

Appointment of Non-Executive Directors
Over the last three years Sheffield Search has advised on the appointment of six Chairs and over forty Directors to the Boards of listed and non-listed companies, local authority trading enterprises and other public sector organisations.

Best Practice Governance
- We have recently assisted with the establishment of a new Crown entity, advising on the shape and structure of the inaugural Board, a competency framework for Directors and a blueprint for the Electoral College.
- An audit has been completed on the quality of two local authority trading enterprises' governance with recommendation to bring practice up to best-in-class standard.
- Further work has been completed for the board of a major biotechnology co-operative, developing a governance and representation model for the future.
- Major board advice has also been provided to the board of the biggest commercial entity in New Zealand, including mentoring of specific directors.

Facilitation of Strategic Reviews with Boards and Industry Consortia
Extensive facilitation has been carried out with boards, university councillors and Managing Directors within industry sectors. In a number of cases facilitation has also been conducted between boards of directors and their CEO or a group of senior executives.

Research into Board Practices
Sheffield undertakes collaborative research into New Zealand boards in partnership with research institutions. In 1999 a study of board effectiveness was completed, the first of its kind internationally. Since then a number of seminars and workshops have been held around the country. These have enabled directors to engage in dialogue over the results and provide additional qualitative research to the findings.

Publications
Members of our Governance Practice team contribute regular articles and papers on board "best practice" to the Journal of the Institute of Directors, 'Boardroom'. In addition, Sheffield sponsors a new publication 'The Director' in association with 3Media Group.

Non-Executive Director Seminars
Relevant seminars for directors are held in Auckland, Wellington and Christchurch addressing key governance issues.