The government recently announced its plans to bring in some of the world’s top business leaders to sit on an advisory board to the Treasury on improving the economic competitiveness of the UK.
And wow – what an advisory board it is, including such influential heads as Bill Gates of Microsoft fame, Tesco’s Sir Terry Leahy and the Chief Executive of eBay – Meg Whitman. The board’s role will be to plan for positive growth in this climate of globalisation, to ensure the UK stays ahead and exploits skills, innovation and infrastructure as we face increasing competition from overseas.
This star cast of gurus is surely every business’s dream! Sewell Moorhouse are increasingly being asked by Yorkshire companies to source high level non-executive directors. Whilst the likes of Bill Gates and Terry Leahy might be a long way out of reach of our regional businesses, that’s not to say the benefits of the external perspective of a non-exec cannot be achieved – albeit with slightly more conservative aspirations.
There’s been a lot of coverage of late around the need to shake up the way UK companies utilise the services of non executive directors. There’s a concept that the typical (and most useful) non-exec will be middle-aged, conservative, risk averse and grey-suited. But is this profile right for the modern business?
Companies looking for an external perspective on their organisation should not confine their selection criteria to older and ‘greyer’ individuals. They should widen their search to include individuals who can demonstrate creative thinking, experience of helping to build young and dynamic businesses that are open to technology and design investment, as well of course as being able to keep an eye on the financials.
A non-exec can bring a great amount to a company’s board. Their input can include:
• offering a sounding board to senior management and company directors
• experience and expertise that the company doesn’t have as part of the existing team
• an external perspective with an objective stance
• a focus on business strategy, business growth and maximisation of shareholder value
• increased networking opportunities and potentially higher credibility with clients and stakeholders
• challenging the status quo and offering the facility for mediation in the boardroom if required.
In addition to these contributions, a non executive director can contribute by monitoring goals and objectives, ensuring financial information is effective, helping to determine the remuneration levels of directors and succession planning if required.
There’s a wealth of individuals in Yorkshire well-placed to help drive our regional companies forward and whilst the likes of Bill Gates are likely to be slightly off the radar, that’s not to say there aren’t one or two more accessible figures knocking around Yorkshire at a slightly lower day rate!
For further information contact Cliff Sewell or Philip Hill at Sewell Moorhouse – an independent and specialised accounting, financial and administrative recruitment consultancy based in Sheffield, Doncaster and Leeds.
THE ROLE OF THE NON-EXEC