“Directorship is not simply a title but a profession, and today’s aspiring directors need to commit to lifelong learning,
Directors Chapter by IFSP Malta
News
By conceptstadium
December 04, 2025
Building better boards: How good directors strengthen corporate culture
By conceptstadium
December 04, 2025
“Directorship is not simply a title but a profession, and today’s aspiring directors need to commit to lifelong learning, ethical leadership, and accountability,” says Etienne Borg Cardona, chair of IFSP’s newly set up Directors’ Chapter, which has been admitted as a full member of ecoDa, the European Confederation of Directors’ Associations.
The IFSP’s new Directors’ Chapter aims to be a voice for company directors and boards in raising the bar for better corporate culture. Company directors are central to how businesses are led and governed; no company can operate effectively without them. Yet despite this responsibility, misconceptions about the role abound.
Many reduce the position to one of prestige, power, or authority. A common misunderstanding concerns non-executive directors, often assumed to carry less responsibility than executive directors.
“Some believe directors simply attend meetings or serve as figureheads,” Dr Borg Cardona explains. “In reality, they are accountable custodians of governance and risk.”
An accountant by profession and academic, with a PhD in strategic leadership from Cranfield University UK, Dr Borg Cardona has extensive experience both as an executive director in industry, and currently as an independent non-executive director on boards of listed, regulated and private local and international companies in various industry sectors. He is the first chair of IFSP’s newly set up Directors Chapter.
“My experience on boards has reinforced the importance of being surrounded by good people, fostering collaboration, exercising objective and independent judgment, and acting with integrity.”
He notes that today’s directors face more complex strategic, commercial, ethical, and regulatory demands.
“This motivated the creation of the Directors’ Chapter within IFSP. Beyond representing CSP-regulated directors, we aim to give a strong voice to current and future directors. Our educational initiatives help them understand not only legal duties but also the strategic, commercial, and ethical dimensions of their role, preparing them for evolving challenges.”
What makes an effective board?
Dr Borg Cardona highlights that a director’s effectiveness depends heavily on the people around them and how the board functions.
“A director’s duty is not only fiduciary but also strategic. A well-functioning board balances commercial objectives with regulatory and ethical responsibilities and anticipates risks rather than reacting to them. This requires strong leadership and a balanced board; governance today must be proactive.”
Asked about “good directorship,” he replies, “Rather than good directorship, let’s talk about effective boards. With experience, you recognise one when you’ve served on one.”
Some believe directors simply attend meetings or serve as figureheads
He identifies four key requisites: effective chairmanship that fosters collaboration and accountability; a balanced mix of competencies and technical expertise; independence, accountability, and the courage to ask difficult questions; and board chemistry, where members work collegially in an environment of trust.
“With these elements, directors contribute to strategy, assess risks, and uphold governance structures protecting both shareholders and stakeholders. The IFSP Directors’ Chapter supports this through advocacy, education, training, and collaboration.”
Adapting to change
The corporate landscape has transformed dramatically, increasing demands and expectations from directors.
“Directors now need knowledge beyond finance and law, including ESG, digital transformation, and emerging technologies. Many boards lack expertise in cyber risk, AI, and related governance. To address this, the Directors’ Chapter will offer practice-based workshops with case studies and simulations to help directors and aspiring directors bridge these skills gaps.”
Joining ecoDa
Recognising the importance of staying up to date with best practice, the IFSP Directors’ Chapter became a full member of ecoDa, the European Confederation of Directors’ Associations.
“This membership, representing over 50,000 directors in 21 countries, gives Malta access to Europe’s leading governance insights and best practices, which will be shared through our seminars, events, and online resources.”
IFSP and FinanceMalta
Dr Borg Cardona emphasises the complementary role of IFSP and FinanceMalta.
“FinanceMalta promotes the jurisdiction abroad, while IFSP ensures the story holds at home. By promoting competence, ethics, and education within the practitioner community, we reinforce Malta’s credibility as a trusted and well-governed jurisdiction. IFSP was a founding member of FinanceMalta, and our President, Nick Captur, serves as one of its Governors, ensuring that Malta’s regulatory and professional standards align with international best practices.”
Partnering with regulators
Maintaining open, constructive dialogue with regulators is another priority.
“In my previous role as Chair of IFSP’s Directors and CSP subcommittee, we engaged extensively with regulators, from the 2021 CSP Rulebook launch to subsequent revisions and the Directors’ Chapter. IFSP has consistently promoted open dialogue with the MFSA, FIAU, MBR, and MTCA, connecting practitioners, policymakers, and regulators. Through this engagement, policies reflect practical realities while upholding compliance. We value the trusted relationship built, characterised by open and transparent dialogue, even when disagreements arise.”
“Our experience shows that engagement based on trust can improve compliance outcomes and, where possible, reduce unnecessary regulatory burdens.”
A culture of continuous learning
Dr Borg Cardona envisions continuous learning and professional development as central to directorship.
“Professional development will increasingly focus on lifelong learning, accreditation, and integrating ESG and digital literacy. The IFSP Directors’ Chapter, supported by ecoDa, will provide thought leadership, relevant training, and peer collaboration locally and across Europe.”
His final message is clear.
“Directorship is more than a title. It is a profession that calls for high responsibility and commitment. As our financial services sector matures, so too must the standards of governance that underpin it.”
“Aspiring and practising directors should embrace lifelong learning, lead with integrity, and ask the tough questions. The Directors’ Chapter’s mission will be to nurture these qualities, shaping not just better directors and boards, but a better corporate culture for Malta.”