Non-Executive FD / NED FD.
Do you need an experienced Finance Director to join your board on a non-executive basis? We have a panel of experienced finance directors who are available for a few days per month or more to offer the support your business needs.
So, what is a NED?
A fresh pair of eyes from the outside looking in.
A non-executive director brings an external perspective to discussions around the board table. A fresh pair of eyes on the organisation’s performance, trends, strategy, culture, and much more. Their careers will likely bring useful complimentary skills to a board.
Approaching a non-executive role with the right approach is essential as the role provides challenge whilst bringing external perspectives. A trend evident in other companies and markets may for example be appearing in the company and this needs to be highlighted and addressed.
The executive management team are immersed within the company and sometimes may not see the wood for the trees, the role of the non-executive is to highlight issue as they develop as an experienced “outsider”.
An experienced person.
Boards need a complimentary combination and mix of skills to help them make effective decision on all aspects the business strategy and operations.
A board may be weak in areas such as finance and bringing a qualified accountant on to the Board makes sense.
Increasingly companies are bringing in skills SEO / Search Marketing professional to join their boards, bringing online marketing and digital skills to address weaknesses in companies’ online strategies.
An ear to the ground.
Building contacts and a network within an organisation and externally is a great skill to develop, by meeting the team underneath the executive layer on a regular basis, its possible to gain insights and an understanding that allows for more effective challenge to the executive. Likewise building contacts and experience within the industry helps to increase understanding of the niche a company operates in.
A committed board member.
A key part role of the non-exec is to attend and contribute to board meetings.
Meetings can be a few hours, or up to a full day, its important to read the papers before hand and develop relationships within the board so you can be effective and contribute appropriately. Each board will have their own dynamics and the Chairman is a key person as they set the scene and drive the agenda.
Often there will be sub committees to sit on, such as the Audit Committee and Remuneration committee.
Training for non-executives.
Its important that an Non-executive has appropriate training and the Institute of Directors (IOD) has courses that we recomend.
An accountable director.
Responsibility. Being a Director brings with it legal obligations, these apply to all directors not just the executive team.
Who can be a non-executive director?
You need extensive skills to be a valuable director.
Is it worth it?
Non-executives are not necessarily involvcd for the financial reward, though this is part of the wider picture, a non-executive role is a way to use the skills you have developed over a career to the advancement of an organisation and for the improvement of others.
How can FD Capital help you recruit the right non-executive?
We have experienced Financial professionals with more than 25 years of business experience and online marketing specialists, so we are well placed to advise and provide experienced non-executives for your board.