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BUSINESS FIRST June\July 2012 www.businessfirstmagazine.co.uk


NEWS


IOD LAUNCHES MATCH-MAKING SERVICE FOR COMPANIES SEEKING NXDS


independent non-executive directors via its membership. The service has the backing of the Department for Business, Innovation and Skills (BIS) which is looking to bolster resources aimed at medium-sized companies - although the IoD says the NXD Directory will be useful to companies of all sizes.


 Business Minister Mark Prisk


A new non-executive director service, The NXD Directory, has been launched by the Institute of Directors (IoD), offering a quick, easy, and low-cost way for companies to find prospective


Minister for Business and Enterprise, Mark Prisk welcomed the move. ‘Becoming a non-executive director, or having one in your company, is one of the best ways of sharing skills, experience and business acumen. Encouraging companies to take on non-executive directors is a key strand of our mid-sized businesses campaign to help them improve their leadership, export performance and access to finance. We want mid-sized firms to contribute an additional £50 billion to GDP by 2020 and realise their potential for growth.’


More than 2,000 IoD members requested to join the Directory as NXD candidates within days of the launch being announced. The list includes Chartered Directors, experienced directors of multi-nationals and successful


LETTERS FOR THE EDITOR Dear Sir,


The equity markets are likely to fall until the next round of money printing. This will need to be huge to make much of a difference. We have to accept that we have used up most (if not all) of our bullets now. We cannot lower interest rates and there is no room for fiscal stimulus.


We can keep printing money till the cows come home, but this may not create jobs or encourage a lasting recovery. Central banks cannot engineer long-term growth through money printing, although this has now become the consensus opinion. There is too much debt in the world. Some of it is going to have to be written off. We cannot simply keep refinancing and living on credit for ever. Although the consensus opinion still suggests that you can borrow you way out of


too much debt.


Or we have to print money to monetise the debt and pay for it through inflation. One way or another it is going to hurt.


Yours sincerely, Marco Pietropoli


RM Wealth Management Dear Sir


I picked up a copy of your magazine from the BA lounge at T5 a few weeks ago. I fly at least 12-15 times a year and always take some magazines with me, usually sport, men’s health, travel and business. I end up flicking through them but never really find something to get my teeth into. By contrast, I found your magazine really hit the


entrepreneurs. Registration as a candidate is completely free of charge.


While FTSE companies employ non- executive directors routinely (as directed by The UK Corporate Governance Code), medium-sized and smaller companies tend not to because of limited access to suitable candidates, a perception that it may be costly, or a lack of understanding of their role. That is why many organisations call in external consultants, who are unlikely to have either the same degree of accountability, or level of input into decision-making, as an independent member of the board.


Companies, trusts or school boards who are looking for non-executive directors will pay an administration fee of just £100, and will be carefully matched up with up to 10 possible candidates. There will be no additional recruitment or head-hunter fee payable. The only requirement for companies using the service is that at least one member of the board must be a member of the IoD. The actual process of appointing a candidate, of course, will be the responsibility of the appointing organisation.


spot and I read about 90% of the articles. I could not put it down - it appeared to be made for the business person who likes travel and is interested a wide variety of business issues.


Well done - I look forward to seeing more in the future!


Mark Levy Berley Chartered Accountants


If you have something to say and would like it published in Business First, write to the Editor at info@businessfirstmagazine.co.uk


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