The Evolution of the Non-Executive Director Under the Senior Managers Regime
A roundtable report
Since its inception in 2016, the Senior Managers Regime has had a significant impact on non-executive directors.
In attempts of defining good governance, iNEDs have seen their own personal accountability increase, compounding existing challenges in identifying, attracting and retaining talent in the financial services industry.
Anthony James Executive Search along with Martin Stewart, former Director of Supervision – Banks, Building Societies and Credit Unions at the Bank of England’s Prudential Regulation Authority, hosted a roundtable to understand the challenges, the realities and the way forward.
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“Corporate good governance is at the heart of the financial services industry and this is only achieved through the appointment of the very best non-executive directors”,
James Sayer, Managing Partner
- The Senior Managers Regime has resulted in a heightened awareness of iNEDs’ personal responsibilities
- Frustration exists with the lack of experience of supervisors
- Expectations for an increase in compensation due to increased personal and professional responsibilities under the Senior Managers Regime
- A call for the iNED role to be professionalised with a formal qualiﬁcation and key competencies mapped out across the industry
- Variable pay is not viewed positively by the regulator as it has the potential to jeopardise an individual’s true independence
- To attract the best talent to the industry, a measured appraisal of the Senior Managers Regime and one’s personal responsibilities is called for