As a survey reveals a growing reluctance among board members to take on non-executive positions, Post talks to some of insurance’s leading non-executive directors to gauge their views on the evolving nature of the role.
The role of the non-executive director is under increasing scrutiny from regulatory authorities, and the position has recently changed from the historical stereotype of the easy-yet-lucrative position to something less attractive.
In a recent study by Clifford Chance and the Economist Intelligence Unit, nearly half of global board members surveyed reported an increasing reluctance to take on non-executive roles, and two-thirds of all UK board members have refused NED positions – with an increasing exposure to personal liability specifically cited.
The spectre of corporate criminalisation has created fears that business leaders, including those who serve less than one month a year, could be hauled before the Financial Conduct Authority for failing in their responsibility to avert business crises.
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