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  • ProCervo Thoughts & Musings

Being a Non-Exec: Things you should know (webinar)

I was recently invited to participate in a webinar by Kingsley Napley and Angel Academe to chip in my 2 cents alongside the experienced director, and NED Rosalind Singleton and commercial lawyer Mei Chung. We enjoyed a lively discussion with lots of interesting questions. A couple of key themes emerged as Sarah Turner from Angel Academe noted:

- Your role is that of "critical friend" for the management team, helping them think strategically.

- You represent the interests of the business as well as non-board members, non-management and shareholders.

- The difference between NEDs and more informal advisors can be fluid for very early-stage companies.

- But as companies become more established, "advice" comes with more responsibility, which will be even more formal if a company lists.

- An observer role is a good starting point for an NED "in training" - you can see how a board works, but have no voting rights.

- You should be issued a letter of appointment when becoming an NED, outlining your role and responsibilities clearly.

- This letter should include a termination clause.

- Start-ups should have "Directors & Officers" insurance to indemnify NEDs.

Watch the webinar for more detail on expectations, duties and practical tips for NEDs.


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