How to get most out of non-exec directors
Monday 27th June 2011
More than half (56%) of entrepreneurs do not feel confident getting good performance from a non-executive director and a third (33%) have had experience of poorly performing NEDs.
A report: How You Can Use Non-Executives To Unlock Value In Your Business commissioned by Coutts & Co, reveals the golden rules for ensuring non-executive directors make a positive difference.
The report which draws upon the experiences and insights of some of Britain's most successful entrepreneurs, as well as non-executive directors themselves, also divulges that many NEDs have a number of businesses on their CVs and only 2% of those interviewed are advisers to just one company.
Nearly a third (31%) advise between five and 25 organisations and 10% advise 10-15 organisations.
According to Andrew Haigh, Managing Partner for the Entrepreneurs Client Group at Coutts: "The overall feedback from business owners is that non-executive directors can prove a vital resource, filling skills gaps and adding an independent, external perspective.
"However, it is important that they are brought on board for the right reasons and that there are clear parameters in terms of what is expected. Similarly, most NEDs want to be assured that it is possible for them to make a positive impact and many say no to opportunities."
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Editorial Contact Details - Conor Shilling