The 2018 NED Debate hosted by Smith & Williamson and chaired by Barry Gamble took place on Thursday 16 October 2018.
The Motion of the Debate:
“This house believes that NEDs are failing to hold their executive to account”
This Motion generated a very lively and, at times, passionate debate on Moorgate in City last evening.
The two debating teams comprised a very experienced and diverse group of NEDs (No one should assume that the debater's personal views either do or do not coincide with the side of the motion for which they were arguing - the side of the motion they took was decided by the Chairman):
Proposing the Motion:
- Peter Williams, Chairman boohoo.com plc, SID Rightmove plc, NED Dominos, NED U and I Group plc; seconded by
- Jacqui Ferguson, NED Tesco Bank, NED Wood Group + Engineering, Winner at UK NED Awards 2018 in ‘one to watch’ category
Opposing the Motion:
- Terri Duhon, NED Rathbone Brothers Plc, NED & Risk Committee Chair Morgan Stanley, Independent Board Director CHAPS Clearing Company Ltd, seconded by
- Gary Browning, Chairman EtonBridge Partners Ltd & Corndel Ltd, NED CloudCall Plc, NED Employment Conditions Abroad Ltd, NED Lee Hecht Harrison Penna
The audience considered the Motion at the start of the Debate and voted:
- For the Motion: 73%
- Against the Motion: 24%
- Abstained: 3%
By the time the Debaters and many participants from the floor had considered a range of views and had their say the concluding vote was:
- For the Motion: 66%
- Against the Motion: 34%
- Abstained: 0%
Overall it was recognised that NEDs do a difficult job and expectations are high, however whilst a small number of corporate failures grab the headlines NEDs are still an essential element of good corporate governance. The 10% swing in the vote demonstrated that after review and discussion opinions can change, but there is definitely more that NEDs can do, especially in terms of areas such as training, education and personal development.
NEDA will be publishing a summary of the key debating points and some of the areas thrown up may well be topical for a slot on your next boardroom agenda.
