Could I be a NED? What are they and what skills should they possess?

Independent Impartial Strength of character

Pragmatic Tenacious Courageous

Honest Diplomatic Integrity

Common Sense Ability tolisten Business Acumen

Numeracy Communicators Open

It is important to note that if you have no boardroom experience then it will be difficult to find your first role – we suggest that you join a board of a charitable or voluntary organisation to gain the necessary experience of how to deal with board papers, meetings and organisational strategy.

What makes a good NED?

You will bring experience to the board and a fresh way of thinking that is independent of the executive directors. You will need to maintain a level of knowledge of your area of expertise, fully understand the day to day business of the company and together with the skills outlined above be able toask constructive and robust questions. You will contribute to the development of the company whilst monitoring the performance of management, internal controls and risk, and the accuracy and reliability of financial data.

How much time will I need to devote to a NED role?

Ordinarily you will be required to attend at least four quarterly meetings each year and prepare for each meeting. However, the turmoil of the last few years has seen unprecedented demand on the time of NEDs. Boards have held many ad-hoc board meetings, often at short notice to deal with the impact of the changes to our economy. If you hold an executive position (a full time role) then you will need to consider how many independent NED roles you can realistically manage and you must keep this under constant review. It will be important for you to be able to demonstrate that you can devote sufficient time to any and all NED role(s).

Who can apply?

The Register will be available to prospective and serving directors in Guernsey, Jersey and the Isle of Man, with its central base at OSA in Guernsey

Do I have to pay a fee to register as a NED?

No, it is free to register your interest.

What questions will you ask?

We will ask you to complete a questionnaire so that we can assess your suitability and areas of expertise.

Is the Register confidential?

We shall treat your information as confidential and will not circulate your details for prospective appointments without your prior approval.

We shall only circulate a short list of candidates to boards that we have selected based on the NED profile we have been asked to search for.

Will you keep me informed?

Yes, we shall provide you with feedback and will communicate with you all through a selection process.

We shall also keep you informed on a regular basis whilst you are on the NED Register by way of e-mail and the NED webpage on the OSA Website. We will publish NED related articles and provide links to the Institute of Directors

What level of fees can a NED expect to earn?

This is very much dependent on the type of company wishing to make the appointment. For example, a stock exchange listed entity may pay higher fees than a non-listed and smaller company. Fee rates are often correlated to the level of expenses that a company can afford to pay. In addition the level of fees payable may be limited either by the articles of association of a company, its prospectus of offering documentation.

The majority of companies review fees annually and the remainder every two to three years.

You should note however that the duties of a director remain the same for any company.

I represent a Corporate looking for a NED – what can I expect?

We shall:

Meet with you to agree the candidate profile based on your business needs.

Provide you with a robust shortlist of names from the NED Register.

Agree a shortlist of candidates.

Manage the appointment process with you.