NEC’s need to understand the style, structure and developing needs of the business when considering taking up a NEC role. Their role on the Board will also include: providing direction on corporate governance matters; promoting investors' confidence; and spending significant time advising, developing and mentoring colleagues.
The ideal Non-Executive candidate is a team builder who is empathetic and effective in interpersonal communication. He/she has a well-developed critical thinking ability and must be able to encourage contributions from fellow directors, while also challenging direction and asking probing questions.
With the ever changing risks and regulations on Boards this has placed even greater strains on NECs and NEDs. Therefore NEC/NED should undertake their own thorough examination of the company to satisfy themselves that it is an organisation in which they believe and in which they will be well suited to working before accepting any appointment.
Questions they should ask of themselves include:
- Do I have sufficient time and am I sufficiently committed?
- Will I be able to make a contribution to this board?
- Am I capable of analysing and assessing the company's:
- strategic vision?
- financial performance
The decision to accept a Board appointment must be made with a thorough understanding of the challenges and risks facing an NEC/NED and the environment.