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Key qualities one should look for a NED

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by GetNED Publications

Key qualities one should look for a NED

by GetNED Publications

Key qualities one should look for a NED

NEDs play a vital role in the proper running of operating companies at all stages of the company’s commercial development. However, this is not a one size fits all; Chemistry is essential in hiring a NED. Here are some of the Key Qualities one should look for in a NED:

  1. Knowledge, know-how, networks
  2. Synergy between chairman, board members and management
  3. Experience in developing companies
  4. Cultural affinities, diverse background

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NEDs and Economic Substance (“ESR”)

Pursuant to ESR, certain companies deploying a “relevant activity” have to demonstrate that they have effective substance in their jurisdiction by satisfying a so-called “economic substance test”. ESR is in force in the UAE since 30th April 2019.

A company meets the test if it is directed and managed in the UAE and has adequate people, premises and expenditure in the country.

In this context, the composition and competence of the board of directors – composed of both executive director(s) and NED/s –, and the proper recording of minutes of all board meetings are key factors when assessing whether a company is compliant or not.

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