Have you considered the benefits of appointing a Non-Executive Director (NED)?

The UK Corporate Governance Code recommends that small companies should appoint at least two NEDs.

Why?

NEDs bring balance to the board and add a great deal of value to any business from start-ups to large corporations.

Experienced NEDs can provide invaluable strategic guidance to overcome challenges and successful business growth.

As members of a company’s board of directors, their role is to provide ongoing independent oversight of the company, which can include:

·      Contributing to the development of business strategy

·      Monitoring the performance of executive management in meeting agreed objectives

·      Ensuring that robust risk management controls are in place

·      Verifying that financial information is accurate

·      Support the appointment of executive directors and succession planning

·      Participating in remuneration considerations

What can your business gain from hiring an NED?

·      An objective and impartial perspective

·      Network of contacts

·      Commercial experience

·      Bring accountability to the board of directors

·      The financial acumen and experience that would provide potential investors with confidence in the company

An NED participating on a part time basis will bring all the benefits to be achieved without the burden of a full time director’s salary.