2) Inconsistent performance / tensions could be attributed to ineffective or inadequate stakeholder engagement. For example, if only external stakeholder / shareholder input is being used, this may not consider employee observation or internal assurance opinions. The vice versa is also a possibility

3) It appears that this particular board would benefit from an external input / someone independent to the business who can critically evaluate the position of the business without any bias. This would effectively support circuit breaker introduction and reset.

4) Change management may also be something that requires attention - whether it be regulatory / compliance or other operational change, without appropriate support / management this could be contributing to some of the identified issues. It would be strongly recommended to include change management as part of any review / uplift determined through the independent consultation.

• Reinforce ethical leadership, proactive behaviours and a culture of accountability, led by the Chair.

• Promote openness, respect and a commitment to organisational purpose.

Clarify Roles and Responsibilities

• Ensure clear distinction between board and management functions.

• Update charters and decision-making frameworks to remove ambiguity.

Implement Board Performance Evaluation

• Introduce annual board, committee, and director evaluations using independent external facilitators.

• Use outcomes to guide targeted development and organisational planning.

Enhance Stakeholder Engagement

• Strengthen communication with key stakeholders; employees, shareholders, regulators and customers.

Develop Capability and Strategic Alignment

• Build director capability in governance, risk, and compliance.

• Ensure board priorities align with corporate strategy and support continuous improvement in governance maturity.

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