Reasons people want to be a NED
- To give something back
- Looking for a good challenge
- Thinking about retiring and moving into a NED portfolio
There are many reasons people become NEDs but one thing remains consistent – they all want to add value and do something exciting, we all get to that stage in our careers where giving back becomes as important as our own achievements.
- Commercial experience and knowledge
- Strategic vision for your business and a challenge for the current strategy
- An independent and objective view of your business
- Setting and monitoring key performance indicators
- Oversight of the executive board and hold them accountable
NEDS also provide…
As an ‘outsider’ they will have a clearer or wider view of external factors affecting the company than the executive directors. NEDs provide strategy formation to provide a creative and informed contribution and act as a critical friend when looking at plans made by the CEO and executive team.
They will take responsibility for monitoring the performance of the executive management team and measuring the progress against key metrics.
They will also determine the appropriate levels of pay for the executive directors if needed.
Their connections are invaluable, they can also provide essential opinions.
They will ensure the systems of risk management are robust and defensible.
NEDs will help fulfill fair reflection of financial performance and actions when consolidating company accounts.
There are many more responsibilities, if you would like to discuss NED training please click here or head back to our jobs board and register your interest for a role.
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We also connect aspiring and existing Non-Executive Directors with exciting opportunities.