TCii Managing Director Terry Irwin was one of four panellists invited to talk to XTEND (formerly The Executive Network). Entitled “Responsibilities of NEDs – a Practical View”, the event aimed to address the day-to-day issues facing board members. It was held on 11 February at The Lansdowne Club in London’s Mayfair.
Terry spoke from the perspective of an experienced NED who has put his international expertise at the disposal of many businesses. His first non-executive directorship was a three-year stint – starting in 1992 – with Holt Lloyd, then a subsidiary of Morgan Crucible. He currently holds NED positions and a consultancy position with a leading global provider of talent and leadership development, in addition to his role as TCii’s Chief Executive.
The key responsibilities of non-executive directors include:
- constructively challenging and contributing to the development of
- monitoring and scrutinising the performance of management in
meeting agreed goals and objectives
- satisfying themselves that financial information is accurate and that
financial controls and systems of risk management are robust and defensible
- succession planning and determining appropriate levels of remuneration for executive directors.
Within a private or private-equity-backed business, the NED can:
- provide additional confidence to the shareholders that their investment is being used effectively
- bring broader commercial experience to what may be an enthusiastic
and entrepreneurial but commercially inexperienced management.
Are you debating whether a non-executive director could contribute to the growth and profitability of your business? For more information and advice, email Terry Irwin or call him on 020 7099 2621.