“The issue facing leading UK companies is not whether the NED role has become more demanding — it clearly has.”
The new joint WTW-Cevian report examines how pay, ownership and time commitment can strengthen FTSE 100 boards and support long-term value creation.
The central theme running through this report is enhancing the ability of FTSE 100 boards to support long-term value creation. While recent efforts to strengthen the UK equity market have focused on reforming market structures and regulation, this paper argues that greater attention should also be given to the effectiveness of the boards that oversee UK-listed companies.
Drawing on perspectives from Cevian and original analysis from WTW, the report examines whether the UK's current approach to NED remuneration, alignment and time commitment remains fit for purpose in an increasingly competitive global market.
The report highlights several notable findings. Median FTSE 100 NED fees increased by just 23% between 2015 and 2025, compared with 38% inflation, resulting in an 11% fall in real terms over the decade. It also shows that more than half of NEDs on FTSE 20 boards are recruited from outside the UK, underlining the increasingly international market for board talent.
WTW and Cevian explore how UK companies can strengthen board effectiveness through more competitive remuneration, greater shareholder alignment via share ownership and clearer expectations around the time directors devote to long-term value creation. The report also introduces Cevian's proposed Enhanced Board Approach and examines how evolving governance guidance may create new opportunities for change.
Learn More:
Download the full report at the link here.
About WTW:
Willis Towers Watson (WTW) is a global leader in advisory, broking, and risk management solutions. With nearly 200 years of experience and 45,000 employees in over 140 countries, WTW helps businesses turn risks into growth opportunities by providing tailored solutions for intricate risk profiles. WTW’s offerings, including professional liability, D&O insurance, cyber risk, and M&A-related insurances, directly address the risks and challenges faced by today’s NEDs. NEDA are proud to be working in partnership with WTW.