The seventh session was an insightful discussion about the responsibilities, risks and opportunities associated with holding non-executive roles from both US and UK perspectives. Some of the key takeaways from the session included:
- The leadership qualities necessary for a non-executive director (“NED”) and whether an individual can ever fulfil that long list?
- NEDs owe the same general duties, under UK legislation, as executive directors. However, the bar may not be set as high as it would be for an executive director when considering whether an NED has performed their role with a degree of diligence.
- In California, by the end of 2022, boards with nine or more members must have three underrepresented members and those with five members must have two. Failure to implement these quotas will result in financial penalties ranging from $100,000 to $300,000.
- In the UK, targets were set for gender diversity in the FTSE 100 and 350 with a view to encouraging women to hold board positions. They are currently being met in the FTSE 100, but the FSTE 350 still have a way to go.
Thank you again to our expert panel of speakers for a superb session:
Peter Cornell, Chairman, Lexington Consultants (UK)
Chris Seaton, Senior Partner, Burges Salmon LLP (UK)
Bonnie J. Roe, Partner, Cohen & Gresser LLP, (New York, USA)
Lily Newman, Managing Director, Morgan James Consulting & Trainer, Leeds University Exceptional Non-Executive Directors Programme (UK)
Roy Newey, Business Coach, Chairman and NED (UK)
Zulon Begum, Partner, CM Murray LLP (UK) (Chair)
The second International Forum of Senior Executives and Founders (IFSEA) Conference on Risk, Reward and Reputation Management Issues for Senior Executives & Founders was held virtually from Tuesday, 2 February – Tuesday, 16 March 2021. This unique specialist conference ran as a series of virtual international expert panels and two networking events per week, bringing together over 65 leading global experts from 13 countries around the world to discuss issues commonly faced by international Senior Executives and Founders, particularly during these times of global crisis, disruption and opportunity.
View other sessions from the IFSEA 2021 Virtual Conference here.
Find out more about the International Forum of Senior Executive Advisers and become a member here.