Breadth of experience
Successful NEDs have a breadth of experience that allows them to advise on a range of commercial issues. A well rounded career facilitates intelligent and strategic advice in the boardroom, irrespective of whether a NED has specific experience in the area under consideration. A robust commercial and political awareness alongside skill and perspective is necessary in order to give dispassionate and independent advice.
Among the diverse experiences that serve NEDs well is having ridden out challenging situations .
“They have a broad/deep reservoir of knowledge and skills accrued during a wide business career. We like directors who have had experience of things going wrong. When you’ve gone through difficult times, you have profound learnings through those experiences.”
Steven Marshall, Chairman, Balfour Beatty and Wincanton
Research for this article came from the Korn/Ferry Institute
About The Korn/Ferry Institute
The Korn/Ferry Institute generates forward-thinking research and viewpoints that illuminate how talent advances business strategy. Since its founding in 2008, the institute has published scores of articles, studies and books that explore global best practices in organisational leadership and human capital development.www.kornferry.com