Iod Suffolk event review
Both IoD members and non-members were guided through the powers and pitfalls of becoming a Non-Executive Director at the glorious Finborough Hall in Stowmarket.
Steve Gilbert, Director of NXD, explained the role of the Non-Executive Director (NED) within a range of different size and types of business.
NED’s are independent members of a company board that are not involved in the day to day running of a business. They are impartial, and able to challenge and question the executives of a business.
Steve made it very clear that becoming a NED is far more about using your ‘Know How’ as opposed to your ‘Know Who’, so not just opening your address book in order to increase sales for the company, although that is of course useful.
Becoming a NED is a legal undertaking, not a trophy appointment and although the daily rate for becoming a NED might appear attractive to prospective NED’s, a good NED can expect to commit a lot of time and energy to their NED role.
In conclusion Steve explained that NED’s need to be able to ‘see the woods for the trees’, ‘point out the elephant(s) in the room’ and provide a ‘helicopter view’ to the Board on which they sit.
Graham Kill, Chairman of IoD Suffolk, thanked Steve for his enlightening presentation. This event is one in a series of three events sponsored by Greene and Greene focussing on the role of NEDs – information regarding the additional events can be found here.