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IOL News
10 hours ago
- Business
- IOL News
The learning board: continuous education as a governance imperative
The pace of change in technology, climate governance, geopolitical tensions, stakeholder expectations, and regulatory shifts demands more than static knowledge. It calls for a governance mindset that embraces learning as a strategic necessity. Image: AI Lab Nqobani Mzizi In today's dynamic environment, a board's effectiveness is measured not just by what its members know, but by how deliberately they continue to learn. Directors may be appointed for their experience, but without renewal, that experience quickly becomes outdated. Yet in many organisations, director education is reduced to a box-ticking exercise, limited to induction packs, technical updates or ad hoc compliance briefings. This is governance at its most passive. In truth, boards should embody the traits of a learning organisation: adaptive, inquisitive, self-aware and committed to continuous renewal. An informed board acknowledges that its fiduciary duties exist in a world of fast-moving risks and opportunities. The pace of change in technology, climate governance, geopolitical tensions, stakeholder expectations, and regulatory shifts demands more than static knowledge. It calls for a governance mindset that embraces learning as a strategic necessity. The proof is stark: a 2023 PwC South Africa Director Survey revealed that 68% of South African directors admit their boards are outmatched by technological disruption, yet a mere 31% invest in formal upskilling. Directors cannot rely solely on legacy knowledge or past achievements. The role has evolved, and so must those who occupy it. In 2022, boards spent less than 5% of their time discussing climate risks. The KZN floods that year cost R50 billion. The gap between governance and reality is unsustainable. Boards that fail to learn, fail to lead. The concept of a learning organisation, popularised by Peter Senge, rests on disciplines such as systems thinking, personal mastery, mental models and team learning. These principles are equally applicable to governance. Boards that model intellectual agility are better positioned to anticipate risk, adapt to change and shape resilient organisations. They do not wait for a crisis to revisit assumptions. They engage proactively, ask difficult questions and challenge entrenched thinking. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Yet becoming a board committed to continuous renewal does not happen by accident. It requires deliberate investment. Formal director development programmes are one part of the equation, but not the whole. Ongoing capacity building must be embedded into board culture and processes. It includes reflections after key decisions, cross-committee peer learning, exposure to external perspectives and periodic assessments of knowledge gaps. It also includes openness to uncomfortable truths, recognising when the board lacks diversity of thought or when market and strategy assumptions are no longer fit for purpose. One of the clearest signals of a board's commitment to growth is how it allocates time. Agendas dominated by compliance reviews and operational reports leave little space for strategic thinking or capacity building. A forward-looking board agenda should reserve time for horizon scanning, scenario planning and trend deep dives, from generative AI and cybersecurity to climate disclosures, social unrest and institutional reputation. The question is not whether these issues are important, but whether the board is equipped to govern them well. Governance frameworks codify this imperative. King IV in South Africa explicitly underscores the need for ongoing director development as integral to ethical and effective leadership. Principle 1 highlights the responsibility of the board to lead with competence and awareness, while Principle 7 calls on governing bodies to ensure that their composition, skills, experience and capacity align with the organisation's needs. Continuous learning is, therefore, not an optional extra, but a governance requirement rooted in accountability and future fitness. Importantly, this learning orientation must go beyond individual directors. It must shape the board as a collective. The best boards are not echo chambers of technical expertise, but dynamic forums of inquiry. They welcome diverse viewpoints, interrogate blind spots and evolve with the organisation they serve. Adaptive boards are also better stewards of succession, identifying gaps and mentoring future leaders with clarity and foresight. They understand that board continuity is not just about filling seats but about transferring wisdom. Some companies have introduced directors' retreats, not as ceremonial off-sites, but as serious opportunities for immersive engagement with new ideas. Others rotate committee chairs to foster cross-learning and reduce siloed thinking. A growing number of boards are also creating advisory panels with academics, technologists or emerging market experts who present independent insights and challenge institutional orthodoxy. Boards that operate as communities of growth also tend to approach self-evaluation differently. Rather than relying on template-based questionnaires, they view assessments as opportunities to identify development areas, improve dynamics and deepen collective performance. The value lies not only in the review itself, but in the courage to act on its findings. In an age of complexity and disruption, the evolving board is not a luxury. It is a governance necessity. It strengthens oversight not only through technical competence, but through curiosity, humility and responsiveness. It builds institutional capacity not merely to react, but to adapt and regenerate in the face of change. To lead well in this environment is to remain teachable. An adaptive board recognises that effective governance is not about knowing everything, but about cultivating a posture of inquiry, one that seeks out what matters most before the next disruption makes it urgent. Board effectiveness demands self-examination. Boards must ask: Are we building knowledge renewal into our board agenda, or treating it as an after thought? Do our development efforts build strategic agility, or simply refresh technical compliance? Are we actively drawing on diverse, independent perspectives to challenge blindspots? If our approach to knowledge renewal were visible to stakeholders, would it inspire confidence or concern? Ultimately, a board's legacy will rest not on its past expertise, but on the learning culture it fostered and how well it prepared the organisation for the future. Nqobani Mzizi is a Professional Accountant (SA), (IoDSA) and an Academic. Image: Supplied * Nqobani Mzizi is a Professional Accountant (SA), (IoDSA) and an Academic. ** The views expressed do not necessarily reflect the views of IOL or Independent Media. BUSINESS REPORT
Bloomberg
17 hours ago
- Business
- Bloomberg
ECB Says Consumers' Inflation Expectations Eased in June
Inflation expectations of euro-area consumers eased in June, the European Central Bank said. Prices were seen rising 2.6% over the next 12 months, down from 2.8% in May, according to a monthly survey released Tuesday. That's the level recorded at the start of the year — before threats of a full-blown trade war fueled concerns that inflation would rebound. Gauges for three years and five years ahead remained unchanged at 2.4% and 2.1%.
GMA Network
2 days ago
- Politics
- GMA Network
OCTA poll: 80% of Filipinos want VP Sara to face impeachment trial
Majority of Filipinos believe that Vice President Sara Duterte should face an impeachment trial to answer the charges against her, results of a survey conducted by OCTA Research showed. The July 2025 Tugon ng Masa (TNM) Survey, released on Sunday, showed that 80% of respondents answered in the affirmative when asked if they thought Duterte should face trial. There were 14% who disagreed, while the remaining 7% were undecided or refused to answer. Majority support for the trial was seen across all regions: 87% in the National Capital Region, 77% in balance Luzon, 92% in the Visayas, and 69% in Mindanao. This was also the case across socio-economic classes: 80% for Classes A, B, C, and D, and 78% for Class E. For those who agreed that Duterte should face the impeachment trial, the most commonly cited reason, with 59% of respondents, was that she should address the charges, clear her name, and prove herself worthy of her position. Other reasons include a belief in the charges with 21%, and the view that facing trial is necessary for her to remain eligible to run in the 2028 elections with 16%. Among those who opposed a trial, 44% said the issue is a political conflict between the camps of Duterte and President Ferdinand 'Bongbong' Marcos Jr., whom she ran alongside with in the 2022 national elections. Other cited a belief in her integrity and disbelief in the allegations with 33%, while 19% said she should focus instead on serving the nation. The survey fieldwork was conducted using face-to-face interviews from July 12 to July 17, 2025, a week before the Supreme Court released its decision declaring that the Articles of Impeachment against Duterte as unconstitutional. SC spokesperson Camille Ting noted, however, that the SC is not absolving Duterte from any of the charges against her, but any subsequent impeachment complaint may only be filed starting February 6, 2026. The survey polled 1,200 male and female respondents aged 18 and above. It has a margin of error of ±3 % at a 95% confidence level. Subnational estimates carry a ±6% margin of error for Metro Manila, Balance Luzon, Visayas, and Mindanao. Out of the respondents, 97% said they have heard, read, or watched anything about the impeachment complaint, while 2% said they were unaware. The recent SC decision is in relation to the petition filed by Duterte and lawyer Israelito Torreon, among others, seeking to declare the Articles of Impeachment against her null and void Lawyer and Constitutional law expert Domingo 'Egon' Cayosa on Saturday said the Senate may still opt to proceed with the trial, as it may assert its 'exclusive power' with regard to impeachment matters. Three impeachment complaints were filed against Duterte in December 2024, all of which were connected with the alleged misuse of confidential funds. The fourth impeachment complaint, endorsed by over one-third of lawmakers from the House of Representatives, was later on transmitted to the Senate. Duterte, for her part, entered a 'not guilty' plea in the verified impeachment complaint filed against her, which she called merely a 'scrap of paper.' — BM, GMA Integrated News
Condé Nast Traveler
4 days ago
- Condé Nast Traveler
How Europeans Feel About American Tourists Right Now
When you picture an American tourist in Europe, a certain cliché is bound to spring to mind. Perhaps you envision a loud, bumbling traveler in a large tour group, who doesn't attempt to adhere to cultural customs or speak the local language, and who is impatient at tourist attractions and restaurants. But do these stereotypes actually have any truth to them? Or are they outdated tropes that don't represent the majority of US travelers? A new study is shedding light on the matter. To get to the bottom of how Europeans really see American travelers, Upgraded Points surveyed more than 2,200 people across 22 European countries on their general view of US tourists. The travel credit card advice site also asked Europeans whether recent political events impacted their opinions. For comparison, they also surveyed 1,000 American travelers on their views of the typical US tourist. How Europeans really see American tourists On the whole, Americans actually had a much harsher view of themselves as tourists than the European respondents did. 'Americans often assume the worst about how they come off, while Europeans see a more balanced, though definitely still loud, picture,' the study said. Indeed, the one matter on which both groups agreed was that American travelers can be loud: 70% of Europeans said loudness was a typical trait of US tourists, while 69% of Americans agreed.
Business Insider
20-07-2025
- Business
- Business Insider
Here are the 10 most expensive cities for the ultra-rich in 2025 — and the quiet power shift shaping the next luxury capitals
For the third year running, Singapore ranked as the world's most expensive city for high-net-worth individuals, according to the latest Global Wealth and Lifestyle Report from Julius Baer Group, a Swiss wealth management group. London moved into second place, nudging Hong Kong into third — but behind these familiar frontrunners, a quiet transformation could soon redraw the global map for the super wealthy The 2025 edition of the report, published on Monday, tracked the cost of what it called "living well" — meaning the ability to afford and regularly spend on 20 luxury goods and services that high-net-worth individuals typically enjoy. These include private school fees, luxury property, watches, fancy dinners, and business class flights. Pricing data was collected across 25 cities between November 2024 and March 2025, and each city was ranked based on the weighted-average total cost of all 20 items, converted into US dollars. To complement the price index, Julius Baer also conducted a separate Lifestyle Survey, polling 360 high-net-worth individuals across 15 countries in February and March 2025 to understand how the wealthy are spending and investing. While the methodology is robust, it does not account for geopolitical shifts that followed, including the Trump administration's April tariff announcements, and its relatively small sample size may limit broad conclusions. Still, the findings point to a clear shift in momentum: while the podium remains stable, several key cities — especially in Asia and the Middle East — are climbing fast, suggesting a broader power shift in global luxury hubs. The top 10 most expensive cities for the wealthy in 2025 Singapore. London. Hong Kong. Monaco. Zurich. Shanghai. Dubai. New York. Paris. Milan. The quiet rise of new luxury capitals Several emerging cities climbed the rankings at an unexpected pace, especially in Asia and the Middle East. Dubai jumped five spots to 7th place, edging closer to European strongholds like Monaco and Zurich. Bangkok and Tokyo both rose six positions, landing at 11th and 17th, respectively, driven by rising costs of fashion, watches, and property. Bangkok's "growing upper-middle class has had a direct impact on the expansion of the local luxury market," Rishabh Saksena, cohead of Julius Baer's global asset class specialists, told Business Insider. "Increased wealth has mechanically driven demand for luxury goods and services, allowing the development of luxury malls, fine dining, and experiences such as spas," he said. "Additionally, the city benefits from Asia's long-standing appeal as a global tourism destination." Tokyo's rise reflects a similar trend. " Tokyo, and Japan more broadly, has long been a culturally rich and influential region, with a strong luxury market, especially in areas such as fashion, fine dining, and experiences," Saksena added. "The recent global shift among HNWIs toward valuing experiences over goods has further enhanced Tokyo's attractivity and appeal." Meanwhile, Shanghai, which topped the index in 2022, fell from 4th to 6th place — a sign that its dominance may be fading So Paulo and Mexico City also dropped notably in the rankings. "Dubai is nipping at the heels of the bastion cities in the region for wealth and lifestyle — London, Monaco, and Zurich — in a trend that is likely to continue as the Emirate ups the ante on offering an attractive residence proposition for HNWIs," the report said. Behind the movements is a growing desire among the ultrawealthy for stability, wellness, and future-focused cities. The report also notes that Dubai's appeal lies in tax advantages, luxury infrastructure, and a booming property market, while Bangkok and Tokyo benefit from regional economic momentum and cultural cachet. What's driving the change? The global average cost of "living well" actually declined 2% in US dollar terms between 2024 and 2025 — a rare drop in a sector typically shielded from macroeconomic headwinds. Yet, beneath that decline are sharp regional contrasts: Business class air fares jumped 18.2% globally, driven by a shortage of jets and booming demand for premium pleasure travel. Luxury goods like handbags and jewellery fell in price, reflecting shifting consumer priorities. Private school fees soared in cities like London, where new tax rules drove up costs by over 25%. More broadly, high-net-worth individuals increasingly prioritize experiences over possessions and longevity over status. These include spending more on wellness, curated travel, and health services, especially in Asia-Pacific and the Middle East. "The main shift we've seen recently is the growing move toward aspirational consumption among HNWIs, who increasingly value experiences over physical goods," Mark Matthews, Head of Research Asia at Julius Baer, told BI. "This trend varies from one location to another. Markets with a long cultural history of luxury goods (e.g., Switzerland with watches or Germany with cars) tend to show a slower transition toward 'experience-based' spending," he added. Data from the Lifestyle Survey backs this up. While luxury spending growth has cooled in Europe — where only 36% of high-net-worth individuals reported spending more on hotels — HNWIs in Asia-Pacific, the Middle East, and Latin America continue to ramp up their spending on high-end fashion, jewellery, and watches. In APAC, 65% reported increasing spending on both hotels and watches, and 63% on women's fashion. In the Middle East, 52% spent more on hotels and 50% on fine jewellery. Across the board, travel and hospitality remain top spending priorities, with fine dining and five-star hotels leading the way. A Eurasian future? The report also hints at a broader geopolitical rebalancing in how — and where — the world's wealthy choose to live. "There is already talk of many wealthy Americans decamping to Europe for the next four years — and possibly forever," Julius Baer's report said, citing affluent individuals looking for political stability and strong institutions. Cities like London, despite Brexit and political change, remain magnets for global wealth thanks to world-class education, healthcare, and cultural capital.
