Welcome to the Non-Executive Directors' Member Interest Group (NEDs MIG) community where members can share knowledge and ideas and gain insight into general issues affecting Boards and NEDs.
The group is a focus group for persons holding NED roles and/or persons interested in NED roles. It is recognised that potential members can also hold governance roles such as being members of with-profit committees, however the group's objectives are tailored for the non-executive director role, and the main objective is to promote actuaries as valuable NEDs.
In summary, the objectives of the group are:
Internally:
- providing a platform for sharing resources and experience to help develop current and potential NEDs;
- providing a platform for engaging stimulating discussions on current issues and challenges facing NEDs (particularly in the regulated financial services context) through open forums and on-line forums
Externally:
- promoting the value which actuaries can add as NEDs, particularly in the financial services context;
- acting as informal representative body for NEDs and working with Institute and Faculty of Actuaries and external stakeholders including regulators to help address issues affecting Actuary NEDs
Terms of Reference of the NED MIG
EVENTS
- As part of its objectives, the NEDs MIG managing committee is committed to organising events to stimulate sharing and discussion of challenges presenting themselves to NEDs.
- A survey was carried out in November 2011 to help the committee understand the needs of members and set out priorities for the group, and this prompted the first open forum event held on 14 November 2011. The session focused on the 'Changing Expectations of the NED Role and the Qualities which makes for Effective Non-Executive Directors'.
- An open forum on Solvency II in the boardroom was held on Wednesday 30 May, 16:30 – 19:30 at Staple Inn Hall. The event focused on the challenges faced by insurance company boards (and particularly non-executive members of boards) in implementing Solvency II.
- An open forum forum on 'Actuaries and the Board - the Position of the Supposed Expert NED' was held on Monday 12 November 2012 at Staple Inn Hall. The event focused on how to ensure good governance in a complex business (as an Actuary and a non-executive director) where because of actuary's skills and experience, the rest of the board expects the actuary to understand the complexities of the business and the modelling supporting it.
- Further relevant events will be posted on this page in due course.
REPORTS & ARTICLES
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Are the doors of Britain’s boardrooms coming off their hinges?
The once very private proceedings of boards of directors, both in financial services and more generally, now seem to be under the spotlights of continuous media and regulatory attention. Directors’ accountability for standards of corporate governance is being scrutinised in individual cases such as RBS and Barclays and more generally in relation to vexed issues such as remuneration policies and practices and board and employee diversity.
“Oh wad some power the giftie gie us To see oursel's as others see us” said Robert Burns and such constant consideration of how what we do is or may be seen by others is key both to being a good professional and to good governance. Click here to read full article
- Getting on Board
Seamus Creedon’s article published on 8 August 2019 in the Actuary, explains the important role played by non-executive directors and the opportunities this creates for actuaries. Read the full article on The Actuary website.