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Corporate Governance - Briefing - Ideas for Higgs Review.
(From Financial Director)
In the interests of keeping readers fully up-to-date with corporate governance issues as they develop, we summarise below some of the recommendations being made by various institutes to the Higgs review on the role of non-executive directors.
NAPF
The National Association of Pension Funds says in its submission to Higgs that non-execs should have "the courage and integrity to whistle-blow or even resign over matters of principle". Non-execs also need to have independence of mind: it is critical that non-execs be prepared "to ask necessary questions and to hold the executive to account".
The body which represents many institutional shareholders says it is also vital that non-execs be able to devote enough time to "gaining a thorough understanding of a business at all levels". It recommends that any listed company with non-execs holding more than five such positions should explain in the annual report how they are able to devote sufficient time to the job.
Board vacancies should be advertised so as to widen the pool from which non-execs are recruited.
UKSIP
- Insight: FDs as NEDs - A perfect non-exec, please.
- News wire article from: Europe Intelligence Wire March 6, 2003 700+ words
...with token titled non-execs are no longer acceptable...are highly-trained non-execs with a background in business...prime candidates to take on non-executive directorships...company he says his non-exec experience is vital to...
- COMING UP FAST: HOW A NON-EXEC WILL EARN A PLACE AT YOUR TABLE.(Column)
- Magazine article from: Management Today May 12, 2003 700+ words
...finding and selecting its second non-executive director, Iain Wolsey, in August 2002. 'Two non-execs is currently the right number for...choice.' One person who has seen the non-exec selection process from both sides...
- Financial directions - Company chairmen go non-exec.
- News wire article from: Europe Intelligence Wire December 1, 2002 700+ words
...since 2000. Average pay for non-executive directors rose...past year. Median pay for non-execs was GBP 26,500 for companies...GBP 16bn. Fee levels for non-executive chairmen tended...Median fees for non-exec chairmen ranged from GBP...
- Non-exec value proved by best practice report.
- News wire article from: Europe Intelligence Wire May 5, 2005 700+ words
...should be a balance between executive and non-execs on the board. Though there have been no accounting...pressure from investors in the past to redress its non-exec balance. Recently appointed non-execs David Jones and Duncan Davidson are still outnumbered...
- COMING UP FAST: Building to last - Which non-exec?(corporate directors)
- Magazine article from: Management Today February 4, 2003 700+ words
...for, think about why you want a non-exec in the first place. Are you clear...and that there is good governance. Non-execs should contribute in each of these...not. The transition from CEO to non-exec can be tricky, perhaps because the...
- Non-exec shortfall unabated.
- Magazine article from: Accountancy Age October 6, 2005 700+ words
...Grant. The burdens facing non-executive directors under...positions, even though non-exec fees rose by 10% last year...may be harder to recruit non-executive directors in...the median fee for non-execs in the FTSE100 is now...
- Bank prepares non-exec reshuffle.
- Newspaper article from: Sunday Business (London) February 19, 2006 700+ words
...General Workers Union, is one of six non-execs at the Bank whose terms come up...Bank apart from monetary policy. Non-execs meet monthly and are paid [pounds...initial three-year term. Other Bank non-execs whose terms come up for renewal...
- Financial directions - Non-exec fees static, work increasing.
- News wire article from: Europe Intelligence Wire February 1, 2003 700+ words
...companies and sectors. It found that non-exec chairmen of large companies (GBP...years has resulted in modest or non-existent pay increases for NEDs...and orientation advice for both execs and non-execs. NEDs are confident about bringing...
- News: IMA wants Higgs to clarify non-exec roles.
- News wire article from: Europe Intelligence Wire September 30, 2002 700+ words
...that companies appointing a senior non-executive director to fulfil this...develop statements of the role of their non-executive directors which would form...substantial overhaul of the role of non-execs with some like Pirc calling for a two...
- Directgov seeks three non-exec board members.
- Press release article from: M2 Presswire January 11, 2008 700+ words
...DIRECTGOV: Directgov seeks three non-exec board members(C)1994-2008 M2...announced that it is looking for three non-executive board members following...individual areas of expertise. One of the non-executives will also be selected...
