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Non-executive directors play a vital role in any company, public or private, by providing an objective assessment of threats and opportunities, as well as strategy. Often they have wide experience of various business sectors, or particular knowledge or understanding of specific markets.
In addition, non executive directors extend the expertise of the board through additional functional skills and experience of specialised areas of corporate development such as taking a company public, financing for growth, investor relations, expanding in international markets or mergers and acquisitions.
Non-executive directors provide independent thought during deliberation and decision-making and must be able to challenge constructively whilst providing supportive and friendly accountability for the executive team. They will have the experience to spot the risk indicators in a business, as well as suggesting efficient and effective management reporting, to ensure the board is able to monitor key performance indicators within the business.
Mature non-executives can provide experience to a younger entrepreneurial management team, while younger candidates may impart new business ideas to an established team that requires a more innovative and creative style.
Often they make an invaluable contribution during significant organisational change, or in mentoring the CEO or other key executives to improve their effectiveness as leaders and business managers, individually and as a team.
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