On the 29th March 2017, Prime Minister Theresa May triggered article 50 to start the two-year countdown to Brexit. Now, with just 3 months to go, discussions around uncertainty are still very much the focus of boardroom conversation.
In the annual Captains of Industry report by Ipsos Mori, an astonishing 95% of executives and business professionals surveyed considered uncertainty around Brexit to be the most important issue facing boardrooms in Britain today.
In these times of uncertainty, many of the UK’s most profitable businesses have reached the stage, where they are recognising the immense value that a non-executive director can bring to the boardroom. Here’s three key ways that businesses can find value in appointing a non-exec to handle the forthcoming challenges of Brexit.
Providing Invaluable Experience and Diversity
In a time of continued uncertainty in every sector, with management teams and boards facing significant challenges, an independent non-executive director can provide invaluable experience and diversity of thought within the boardroom. An effective non-exec will offer high-quality constructive criticisms to existing viewpoints held by the business and provide a unique perspective on how to tackle challenges.
Considering Alternative Markets
Whilst business operations will continue until Ms May negotiates an official exit agreement, board directors may wish to consider moving their business abroad or to explore alternative import/export markets. A non-executive director with experience in transitioning a business from the UK to an overseas market can help boards prepare for this possible outcome.
Reviewing Disaster Plans
A business may choose to appoint a non-executive director to understand what their key challenges are following exit from the EU and whether existing disaster plans are suitable. Business continuity and planning is intended to ensure that a business can continue to function despite serious incidents that might otherwise interrupt processes or that they will at least be able to resume day-to-day operations. Risks related to EU exit may include tariff changes for importers, new employment laws, or supply chain problems.
Whilst there is no one size fits all solution for businesses preparing for the challenges of Brexit, appointing a non-executive director can undoubtedly support in making these challenges easier to manage. Find the ideal non-executive director for your board by contacting our business services team. Click here to learn more