The appointment of independent directors is becoming increasingly important as closer scrutiny is applied to board composition and retaining directors from outside of the group is a sign of good corporate governance
More than a responsibility, a profession
Directors are expected to master an increasing range of skills: strategy, marketing, finance, IT, legal, compliance, asset management, valuation and pricing, risk management, distribution, international and local regulations, liquidity management...; and to allocate more and more time to their function.
None of the core dimensions of good corporate governance is underestimated, even when regulatory obligations are driving the agenda.
Being and acting as an independent director
This role and responsibility includes:
Board meeting chairing and organisation: agenda preparation, board pack coordination
Comprehensive risk management oversight
Business strategy design
Marketing activities monitoring
Human resources casting
Oversight of the delegated functions
Conflict of Interests identification and monitoring
Adherence to the industry code of conduct and organising board self-assessment
Sanction regime awareness
Structuring appropriate agenda, ensuring proper oversight, avoiding violations, sponsoring sound management.