The aspirations of First Nations leaders to become directors is being supported through the First Nations Director Scholarship Program 2024-2026.

Facilitated by the Australian Institute of Company Directors (AICD) in partnership with the Australian Indigenous Governance Institute (AIGI) and The Observership Program, the second round of the program will provide training opportunities for 56 highly skilled and experienced First Nations scholars.

It aims to develop a cohort of First Nations directors who contribute to both Indigenous and non-Indigenous boards across Australia.

Scholarship recipients will receive the opportunity to participate in one of three training opportunities: the AICD's Foundations of Directorship for Indigenous Organisations course, the AICD's Company Directors Course for Indigenous business Leaders, or a 12-month placement on The Observership Program's 2025 program.

Through the program participants will also gain access to world-class governance education and join practical mentoring and workshop programs to build their network and professional skills as a director.

The program is funded in part by the AICD and a $1 million grant from the National Indigenous Australians Agency.

Minister for Indigenous Australians, Malarndirri McCarthy, said the program demonstrates the federal government's commitment to building a strong and sustainable First Nations community-controlled sector.

"This director scholarship program supports and empowers emerging First Nations leaders, to help meet the needs of people in their communities and beyond," Ms McCarthy said.

"Congratulations to the recipients, who will grow in their roles, becoming strong examples and inspiration for future generations."

This year's recipients are drawn from a broad range of leaders working in the First Nations community-controlled sector, who have been nominated for their potential to transition into senior leadership roles including executive, c-suite and board positions.

AICD managing director and chief executive officer, Mark Rigotti, said the program fosters an increase in Indigenous board room representation.

"The AICD is committed to providing pathways for more First Nations business leaders to join boardrooms across Australia," Mr Rigotti said.

"I'm pleased that we have this opportunity to collaborate with the AIGI and The Observership Program to provide effective and relevant training to deliver world-class governance education and mentoring."

The first round of the program saw 34 scholarships awarded to scholars, with 135 governance scholarships expected to be awarded throughout the three-year program.