Terry Irwin talks to XTEND members about the role of the NED – October 2016
This month TCii Managing Director Terry Irwin gave a presentation entitled “The Non-Executive Director Role” to the NED Interest Group of XTEND (formerly The Executive Network). The presentation focused on how to go about getting an NED role and what organisations are looking for in an NED. Terry also passed on a number of tips and quotes from practising NEDs.
The talk was aimed at executives looking to start building or extending their NED portfolio, and took the form of an interactive discussion rather than a traditional presentation. The event took place on 3 October 2016 at the London premises of corporate law firm Fox Williams.
Terry was able to speak from the perspective of an experienced NED who has put his international expertise at the disposal of many businesses. He secured his first non-executive directorship with Holt Lloyd, then a subsidiary of Morgan Crucible, in 1992. He currently holds two NED positions 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 strategy
- 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 wondering 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.