Three further examples of international Non-Executive Directors (NEDs) in Part Three of our multi-part series sharing career paths and insights of individuals performing these roles. As before, our shorthand NED includes independent NEDs (iNEDs).
Similar to Part One and Part Two, the individuals represent different levels of NED experience, from those in their first few roles to seasoned board chairs. The need to prepare thoroughly for board and committee meetings has been raised in previous articles, and is mentioned by Part Three’s participants below too. This sentiment is described in more detail in a LinkedIn article on “Being an Effective Board Member” by John Howard, himself an experienced NED with a legal background. He describes the importance of preparation for these meetings like this: “Before each board and board committee meeting read the board book and reread relevant material from orientation. Speak to the Chairman and CEO (if the roles are separate) before the meeting. Meaningfully discuss the agenda, issues that concern you, and make suggestions so they know before the meeting your state of mind. Lack of preparation is the most common trait of bad directors.” John adds that proper preparation allows NEDs to bring something innovative to every board meeting, offering the idea for consideration at an appropriate time.
Jose Ribeiro, Sheelagh Malin and Karabo Morule are profiled in this article, and we hope that their reflections and recommendations will prompt your own reflection. Read more below for their career paths and NED experiences.
This article marks the second feature in our multi-part series on the careers, reflections and recommendations of independent Non-Executive Directors (NEDs) internationally. As some countries emphasise when a director is independent but others don’t, our shorthand NED includes independent NEDs (iNEDs). Part One in this series covered a spread of countries and financial services industries where the individuals gained executive experience, and their NED roles cover insurance, health, reinsurance, pensions/retirement and securities brokerage. This second instalment is similarly diverse, including bancassurance, financial planning, wealth management, asset management, insurance (life and general / property & casualty), and mortgages.
NED roles often form part of a portfolio career, where a number of different of roles are done concurrently, rather than only one fulltime corporate job. Portfolios can include both paid and volunteer positions: a mix of NED roles, part-time consulting, side commercial ventures, professional volunteering, community work and more… Plurality of roles is becoming increasingly common as the nature of work evolves.
Building on Part One, the vignettes in this second article offer further examples of the portfolio nature of NED roles. May their experiences encourage you to reflect on your own career aspirations. Read more below for the career experiences and suggestions of three more NEDs internationally: Margaret Carey, Ashok Gupta and Estella Chiu.
Today we start a new multi-part series showcasing the careers of some independent Non-Executive Directors (NEDs). Our intention with this series is to share examples of journeys in practice across different markets and different industries within financial services to inspire you to reflect on your own careers and aspirations. We trust that these features will also complement our previous articles on:
The Institute of Directors operates in a number of countries, and provides helpful resources to those performing or aspiring to such roles. Examples are the United Kingdom and Southern Africa, and similar bodies in the United States and Australia are linked to later in the article. Also, if you are an actuary, the Institute and Faculty of Actuaries has a NED Member Interest Group (MIG) that I’d encourage you to join. Their LinkedIn presence is accessible here: https://www.linkedin.com/groups/7430820/ Please do let me know if similar groups exist in your professions, and I’ll mention them too.
As described in previous articles, the main role of NEDs is to guide their organisations in a statutory capacity. Seamus Creedon, NED MIG chair, writes in "The Actuary" magazine that “corporate governance is the toughest of team sports” and explains that “good NEDs will use their skills and experience to aid the collective understanding of the whole board. A good board will be diverse [ito its members’] backgrounds, experiences and genders.”
For brevity, our shorthand NED includes iNEDs (independent NEDs) – some countries emphasise when a director is independent but others don’t. Eagle-eyed readers may spot this series’ vignettes in magazines of some of our members’ professional organisations over the coming months – I’ve tried to align my dates of sharing them here with the magazine publications as far as possible, although their versions differ, including in length. Do let us know if you see them in your magazine.
Read on for the stories, reflections and suggestions of three NEDs internationally: Lusani Mulaudzi, Hazel McNeilage and Tony Lally.