What is a non-executive director (NED)? An NED is usually a member of the board but is not part of the executive management team who make the decisions. He/she is there to advise, support and offer real-life, practical business experience.
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The duties and responsibilities of directors, including NEDs are many and varied, the breach of which can lead to personal liability – both civil and criminal.
A director is liable for any damages or losses to the company as a result of their acts, omissions or breach of any legal or contractual duty.
The problem is firstly that there is no difference between the duties owed by a director of a large listed PLC or of a small, family-run business. Secondly, there is little or no formal training for directors; they are often thrown in the deep end to either sink or swim.
So it’s not surprising that from time to time directors need help and support from people who have seen it all before, who have been there and done it, understand the finances, the risks and are well networked, so that if they don’t know the answer, they will inevitably know someone who does.
This is where my knowledge and expertise can help, as long as I feel I can make a difference. This will likely be on a short-term or perhaps even one-off basis, to suit, to offer clarity and support where short-term challenges present themselves. This can be offered on either an hourly or fixed rate to suit the company.