Posted on Thursday 12 November 2015 by Ulster Business
From left: Jeremy Fitch, Invest NI’s Executive Director of Business Solutions, Laura Jackson, Partner, Paul Terrington, Chairman of the IoD NI, and Caoimhe McGuinness, the UU student who wrote the report.
Companies in Northern Ireland in need of a non-executive director (NED) will be able to take advantage of a new database of suitable names compiled by the Institute of Directors (IoD).
It will provide a list of potential candidates with different competencies, skills and experience to match individual company’s needs and will be offered as a free-of-charge service.
The IoD NED Register was launched in conjunction with new research from the Ulster University Business School which looked at the value of NEDs to businesses in Northern Ireland.
Sponsored by BDO, it interviewed local companies and offered up advice to firms which have a NED in place or are thinking of getting one.
The respondents said that NEDs should be involved in strategy and strategic planning rather than become too heavily involved in the running of the firm, should have their roles clearly mapped out, should be refreshed every five years and should challenge other directors and the board.
The IoD NED Register and UU research are both part of the IoD NI’s ‘Building Better Boards’ campaign, which aims to provide support to companies seeking a non-executive director as well as to individuals seeking to improve their competency as a director or aspiring director.
“The report has not only established the value that the non-executive director can bring to an organisation, it has also provided recommendations for enhancing board effectiveness and suggestions for further research which the Institute and Ulster University will take forward together,” Paul Terrington, Chairman of the IoD NI said.
He said the IoD wants to hear from potential NEDs from suitably qualified, high-calibre directors who are committed to ongoing professional development and to delivering in line with IoD standards.
Laura Jackson, Partner at report sponsors BDO Northern Ireland, said NEDs can fill knowledge gaps and challenge normal function.
“The study helps those of us involved in advising businesses and driving the economy to assess the role of non-executive directors, the advantages they can bring to a company, and whether, overall, non-executive directors have indeed improved the performance of individual businesses and the overall economy in Northern Ireland.”