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Question
Write an assignment on the Essential Criteria for a Non-Executive Director To be Appointed to the Company's Board?
Solution
Introduction
A non-executive director is a nonemployee of the company with independent or non-independent status in the board of directors. He/she is legally obliged by the Corporations Act 2001 to involve consistently in the Board activities (AICD 2016).
Essential Criteria for a Non-Executive Director
For appointment in a company's Board, non-executive directors have to possess certain competencies and values (Wheeler 2012).
Knowledgeable or Experienced
The individual should have substantial experience in executive management positions in companies of similar stature with an understanding of industry and market environments, business and financial management, corporate governance, legalities and administration (Korn/Ferry Institute 2012). Prior experience in articulating a clear directive for an organization is essential.
Skill set and Acumen
The individual should exert a higher degree of leadership, business acumen and vision. He/She should involve constructively and contribute significantly in strategic decisions with genuine interest (Cortese 2009). Demonstration of higher judgmental capability, acting as a change agent, risk management and the application of current management thoughts is critical (Brennan, Kirwan & Redmond 2016).
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