May Cohort

July 1, 2024
News

In our May meeting we gave our new member Raj a warm welcome and had some lively debates on some hot topics for aspiring and existing NEDs, Trustees, Board Advisors and Consultants acting at board level.

Sign ins were done in person ranging in scores from 4 to 9. Our groups are very much about individual wellbeing and relationships with each other to build that trust that is important in boardoom settings. Because of that, it is important that new members get a good insight into each of us and what we do.

We then moved onto looking at Andrew’s funding landscape document, pulled together in conjunction with Antonia Brindle, as a starter for 10 on the response to a question on gateways to investors. We tied that in with a question about how to tease funding into a business based on a high valuation and what steps should be taken. Andrew talked us through the teaser single document and NDA, part of the advertising space, moving into the valuation and pitch deck or information memorandum space, into the indicative offer, proof of concept/due diligence and contract.

We then moved onto an ongoing question on day rates for NED roles. I advised the group that in the North East top end is around £1000-1200. We agreed that to have a shareholding was a conflict of interest, but Andrew then talked through some other options of being reimbursed.

Next on the agenda was a question on how a new chair can deal with a thorn in their side. There was lots of discussions in two groups around formal conversations, whether certain trustee roles are needed, and how a valued trustee can be reminded of their role and how they should not interact with operational teams to interfere.

Still in two groups, we moved onto a about what to do about referrals and introductions not followed up on by the operational team. We agreed a three-strike process – only ever one introduction to the same person though. If you lose confidence, then stop doing it as it can damage your own reputation. It is always important to give the context in any referral and have an expected window of response time.

Finally we looked at one of the group’s ideas for a new business proposition and asked 1) if there is a space for it and 2) is it scalable? It was unanimously agreed that the answer to both questions was yes so that will be an exciting venture for us all to watch flourish.

Whilst we meet again next month in our separate cohorts, I shared the information on the next joint group event, which is on 23rd July with an exciting location to be announced soon! If you are interested in brushing up your skills as an aspiring or existing NEDs, Trustees, Board Advisors or Consultants acting at board level then do get in touch as cohort 3 is due to launch imminently.

" Brilliant boards build brilliant businesses.”

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