gunnercooke have launched an innovative approach to the Non Executive Director market. Branded NEDplus, it combines the unique strengths of the wider gunnercooke firm, delivering relevant support and advice to clients when they need it for a fixed monthly cost.
The latest changes in the UK Corporate Governance Code sets out clear guidance on the role of directors and strongly recommends the integration of an ‘independent’ person on company Boards.
It states that “boards should include an appropriate combination of executive and non-executive (and, in particular, independent non-executive) directors, such that no one individual or small group of individuals dominates the board’s decision-making. There should be a clear division of responsibilities between the leadership of the board and the executive leadership of the company’s business”.
The NEDplus solution provides this ‘independent’ voice on the Board but then adds greater flexibility by introducing a ‘rolling substitutes’ approach and immediate access to the wider gunnercooke expertise.
David Joyce, a Partner with gunnercooke and an experienced Non Executive Director himself highlights the benefit of this approach – “all too often, a NED is selected to bring skills and experience that the organisation requires at a specific point in time. However, this may be a relatively short term requirement and the benefit is limited. The alternative approach is to bring in a generalist. NEDplus provides organisations with the ability to quickly and easily ‘swap’ out individual NEDs and replace them with another equally experienced individual that may be better suited to support the changing requirements of the organisation”
At the same time, included within the monthly subscription is the ability to quickly pull together a team from the wider firm to provide advice and guidance on specific opportunities, issues, challenges that crop up from time to time. This ensures that any advice given incorporates the relevant legal, operational and commercial perspectives, ensuring business leaders have the complete picture before deciding which way to proceed.
If you’d like to find out how NEDplus can support you and your Board, please do drop me a quick email and we can arrange an exploratory discussion.