One reason for this may be the increase in risk and regulatory requirements, which has led to more than half of non-executive directors increasing their time commitment by between five to ten days a year, the data indicated.
Sean O'Hare, remuneration partner at PwC, commented: "Following the amendments to the UK Corporate Governance Code in 2010 we’ve started to see how the changes are shaping the roles of board members and impacting the duties of individual directors."
Although the increased challenges have made the role more attractive, many feel challenged by the complexity of the business and the demands associated with the increased involvement, influence and responsibility which the new role brings, the expert added.
The survey also found that many NEDs believe the lack of time to debate issues and the volume of paperwork and regulatory requirements impacts their ability to perform the role effectively.
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Posted by John Oak and Wayne Bly
Source: The Sales Director News