As the economic and stakeholder landscape continues to evolve, the time has come for Boards to update and augment their approach to the selection, appointment and empowerment of NEDs, finds this report from BDO.
Key areas for focus include:
Diversity of Perspective – Top performing Boards appoint NEDs with complimentary skills and the ability to challenge the prevailing thinking
Evolving Governance – NEDs should take responsibility for staying abreast of corporate governance requirements and support the organisation to navigate these
Reputation Management – Boards should see building and protecting the business' corporate reputation as a driver of long-term success
Digital Disruption – NEDs not only need to be aware of emerging technologies but understand the inherent risks and opportunities. Then they will be able to make bold decisions on how to embrace them