Issues for Boards 2023
Sailing into the wind
Introduction
Non-executive directors are increasingly being given specific new roles or responsibilities. In this publication we aim to provide practical guidance on three such emerging roles/responsibilities:
- Conducting internal investigations;
- Addressing ever more extensive disclosure and reporting obligations; and
- Being a consumer duty champion.
Please get in touch with the contacts listed if you would like to discuss any of the issues covered in this publication.
1)
The emergence of a new role: the investigating NED
Organisations are increasingly asking non-executive directors to take on the role of investigator and decision-maker in workplace issues. With the number of investigations into senior individuals only likely to increase, NEDs who have the skills and willingness to take on an investigation role are likely to see increasing demand for their services. This article discusses how NEDs can navigate the challenges associated with this new role.
2)
How should NEDs address ever more extensive corporate disclosure and reporting obligations?
Companies’ annual reports continue to grow in size, driven by the increasing number of mandatory disclosure items. The latest new, and chunky, disclosure requirements will cover financial resilience and a new “audit and assurance policy”, among other things. These are set out in new regulations which will apply to the largest UK companies - whether public or private. It’s important that NEDs understand what these new regulations will mean for them.
3)
A new role for some Boards: the “Consumer Duty Board Champion”
The FCA’s new Consumer Duty is now in force. Though aimed primarily at financial services companies, some corporates will be caught - many without even realising. If you are on the Board of a corporate that is caught, the Board will have additional duties, including the need to appoint a ‘Consumer Duty Board Champion’. Find out how this could impact your business in this article.
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