COMPANY directors must keep themselves constantly updated on financial issues and trends, said the head of a body for directors here.

'I think the current financial crisis has revealed that directors have to know and understand a lot more', said Mr John Lim, president of the Singapore Institute of Directors (SID).

He was speaking on the sidelines of a conference held on Monday to announce the findings of a recent SID study.

'Currently, there are a lot of financial issues that are very complex. And one has to wonder whether in fact all directors are in a position to even understand them,' said Mr Lim.

'And therefore we say that training and development will help directors in understanding some of the new type of complexities that are now part and parcel of this economy', he said.

Formal director training, or rather the lack of it, was one of the key issues raised at the conference.

Mr Lim said that in a previous survey conducted by SID, only 25 per cent of non-executive directors attended director training, which SID felt was insufficient.

'Due to the complexities of their job, directors have to keep updating themselves. They have to deal with new experiences and new challenges as well'.

'They have a very important job to play and must be equipped with the necessary knowledge and skills. And it is increasingly important that they have industry-specific knowledge', he added.

The SID, which celebrates its 10 anniversary this year, is also taking steps to improve itself as a principal forum for directors in Singapore.

The SID study, carried out with the help of PricewaterhouseCoopers, sought to recommend improvements to the current structure and activities of the institute.

One of the findings showed that the SID secretariat was under-resourced, and it should take steps to increase its size and skill sets, and to appoint a full-time chief executive.

The study also noted that other similar institutes offered a broader range of board services, and that SID should expand its existing services.

Among some of SID's services are the organising of relevant seminars, talks and workshops, the provision of social events for business networking, and a register of members who are recommended candidates that can act as independent directors for Singapore companies.

SID is also planning to revamp its website to provide online access to past publications on good governance statements, speeches and media content.