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The Role of Non-Executive Directors in
entrepreneurial companies.
While counselling and monitoring are felt to be typical roles for
Non-Executive Directors, long-term strategic planning and provision
of wider industry knowledge and contacts are also crucial, an
Association of Chartered Certified Accountants (ACCA) survey
of UK NEDs reveals.
The survey of ACCA's 200-strong Non-Executive
Directors database-which provides NEDs for growing companies - found
that keeping sight of the bigger picture so as to steer the company
in the right direction was vital, as executives often got swamped by
day-to-day issues. Keeping management on track was a common theme as
it was felt that classic entrepreneurs could take a somewhat
cavalier approach and not conduct appropriate risk assessment.
However, more emphasis is now given to NEDs providing broader
industry contact and therefore assisting in the development of new
business.
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