Upcoming Events

There are no upcoming events.

Bristol Holding Company – Executive Chair

Executive Chair – Bristol Holding Company 2 year fixed term contract Up to £120,000 pro rata Thank you for your interest in the Executive Chair – Bristol Holding Company opportunity. Bristol City Council is on an ambitious organisational transformation journey, playing a leading role in helping create an inclusive city that empowers people to be […]

The post Bristol Holding Company – Executive Chair appeared first on NEDworks.


Belong Limited – Non-Executive Director

Non-Executive Director – Belong Limited Salary: 00.00 Hours: Full/Part time hours Closing date: 19 May 2019 To apply for this role, please e-mail the following to diane.griffiths@belong.org.uk: A comprehensive CV. A covering letter that fully addresses the person specification and indicates where you saw the role advertised. Details of two referees whom we would be […]

The post Belong Limited – Non-Executive Director appeared first on NEDworks.


National Statistics: Individual Insolvency Statistics: January to March 2019

Statistics on new individual insolvencies in England and Wales, and related statistics for Scotland and Northern Ireland. […]

National Statistics: Company Insolvency Statistics: January to March 2019

Statistics on new company insolvencies in England and Wales, and related statistics for Scotland and Northern Ireland. […]

NHS Scotland Boards – Chairs

Chairs – NHS Scotland Boards Reference: 1639 Remuneration: NHS 24 & NSS – £26,226 per annum. NHS Borders & NHS Highland – £31,149 per annum Location: Various locations throughout Scotland Closing date: 23 May 2019 at midday Scottish Ministers are looking to appoint a new Chair to the following NHS Boards: NHS Borders; NHS Highland; […]

The post NHS Scotland Boards – Chairs appeared first on NEDworks.


News story: Healthcare Environmental Services Limited in liquidation: how to claim redundancy or register as a creditor

Healthcare Environmental Services Limited entered into liquidation on 25 April 2019 and BDO LLP were appointed as Liquidators. […]

How many chairships is too many?

chairs, overboarding

Reading through the policy guide of proxy advisory firm Glass Lewis, you find this statement: “We generally count board chairships as two directorships, given the increased time commitment associated with that role.”

That’s an interesting rule of thumb when applied to Sir Nigel Rudd, chair of defence group Meggitt, who made the news last week when investors turned on him for reasons of “overboarding”—having too many directorships.

Sir Nigel is also chair of BBA Aviation and Sappi, the paper group. He also chairs the Business Growth Fund. In all, that is four chairships, which—on Glass Lewis’s assumption—equates to eight directorships in effect.

Meggitt said in statements that it had reviewed Sir Nigel’s commitments and believe he had the time to do everything. Many investors thought differently; 27% voted against his reappointment. According to guidelines, votes in excess of 20% are considered “significant” and go on the Investment Association’s Public Register. Meggit now has to consult with investors again to hear their concerns and report back within six months, an uncomfortable process given that it is so closely tied to Sir Nigel’s position.

Sir Nigel retired from a role at Destiny Pharma at the end of last year in response to overboarding concerns, so the company has been confronted with the topic before. But his predicament should serve as a warning that investors are concerned about directors spread too thinly.

“A material risk”

Glass Lewis’s policy document is explicit: “In our view, an overcommitted director can pose a material risk to a company’s shareholders, particularly during periods of crisis.”

Glass Lewis also cites research showing that the time commitment needed for each single directorship has been growing, and it is not alone in its concerns about overboarding. It’s fellow advisory firm ISS also has a policy that anyone who holds more than five roles is considered overstretched. At ISS too, a chairship is considered two jobs.

Overboarding also causes shareholders to become unsettled. In its annual review of engagement, Legal & General Investment Management said almost a third (29%) of votes against the reappointment of directors last year was on the issue of overboarding.

“An overcommitted director can pose a material risk to a company’s shareholders, particularly during periods of crisis”

—Glass Lewis policy document

The UK’s revised corporate governance offers no numerical limits on directorships, but does offer this: “Non-executive directors should have sufficient time to meet their board responsibilities.”

What happens if directors continue to ignore requests to sort out their workloads? It’s possible the next stage in this battle will the involvement of the senior independent directors (SIDs). According to the code, it the SIDs who lead non-executives in assessing the performance of the chair. Inevitably, that should lead to a question about whether the incumbents currently have too much on their plates to be effective. That means investors could begin to ask what the SIDs are doing to safeguard their boards from chairs who with what might be considered excessively large portfolios.

Whatever happens, it’s doubtful investors will allow this topic to go unaddressed. Board performance is high on their list of governance concerns, and they will continue asking chairs whether they really have the time to devote to so many senior positions. In response, chairs may have to roll back their ambitions, scale back their workload and devote more time to fewer jobs.

The post How many chairships is too many? appeared first on Board Agenda.


Slough Children’s Services Trust – Non-Executive Director (Finance)

Non-Executive Director (Finance) – Slough Children’s Services Trust Reference: Slough Children’s Services Trust Location: Slough Salary £16k pa (32 days per annum) Job Description The Trust is an Alternative Delivery Model designed to deliver all statutory services for children’s social care and is an independent not-for-profit company limited by guarantee. We are specifically designed to […]

The post Slough Children’s Services Trust – Non-Executive Director (Finance) appeared first on NEDworks.


Risk hotspots: a global roundup

Laura Codruta Kovesi

Economy — South Korea

Unemployment in South Korean hit a nine-year high of 4.4% in January, offering more bad news as the economy slows. Manufacturing and retail have seen the worst of the job losses, while shipbuilders have been letting workers go in their thousands over recent years. The third quarter of 2018 saw the slowest GDP growth in nine years, while November saw the country’s central bank raise interest rates for the first time in a year.

Image: Shutterstock

Politics — Romania & EU

The front runner to head the EU’s new public prosecutor’s office is Romanian Laura Codruta Kovesi. But her own country opposes the appointment after she was ousted last year as Romania’s anti-corruption chief. Observers believe the disagreement is a proxy for the clash with increasingly authoritarian regimes in eastern Europe.

Regulatory — Social media

Tech and social media companies are edging ever closer to regulatory change. A German regulator has ruled that Facebook misused user data, while in the UK Instagram (a Facebook company) promised changes over self-harm images after a teenager’s suicide. Data scandals abound, but change will depend on politicians reaching agreement on how to make rules for what has become known as “surveillance capitalism”.

Image: Shutterstock

Countries — France & Italy

French president Emmanuel Macron is desperate to solve the country’s gilets jaunes crisis, while Italy’s right-wing leaders see fit to invite them to summit talks. Cue a diplomatic incident in which France recalled its ambassador to Rome in protest at the situation, which it says is “unprecedented” since the end of World War Two.

kites, beach

Image: Shutterstock

Science & Tech — Kites

In 1752 Benjamin Franklin stood outside in a storm and conducted the famous kite experiment in Philadelphia. Now, 267 years later, Alphabet (Google’s parent company) has joined forces with oil and gas company Shell to fund research into using kites to generate power from wind. Research will use Shell’s offshore experience to take the kites out to sea where winds are stronger. This is not a lot of hot air.

Company — Nissan & Renault

At the time of writing, Nissan and Renault’s chairman and chief executive Carlos Ghosn remains in custody in Japan after allegations of under-reporting his income. Nissan has already posted falling results, while Renault is under pressure from the French government to appoint a replacement. How will the strategic partnership between the two motoring giants survive without its leader?

The post Risk hotspots: a global roundup appeared first on Board Agenda.


Norse Group – Independent Non-Executive Directors (Two posts)

Independent Non-executive Directors (two posts) – Norse Group Norse Group, Norwich, Norfolk £20,000 p.a Do you have the strategic vision to support the growth and development of a commercial company owned by the public sector, with a need to deliver a return, in an ethical and sustainable way? Norse Group are now seeking two Non-executive […]

The post Norse Group – Independent Non-Executive Directors (Two posts) appeared first on NEDworks.