A Non-Executive Directors was a positive move for our board appointments
January 31, 2010 9:09 am BusinessWe are an aggressive growth company and sometimes you have to shift the boundaries a little, as you maneuver your way to the top. This works ok in many cases, but we have found that with growth comes pain, particularly when you fail to see the woods from the trees. We know our business backwards and resent being told what to do by outsiders. We believe we have earned the right to make decisions about how we conduct our business and exercise these rights to achieve our goals.
This may seem a bit cavalier, but it has server us well through the last few years of our growth phase. We don’t come unstuck often and when we do we react quickly. In more recent times we have been willing to accept that some aspects of our business rely on underpinning systems which must be fundamentally sound, whether this is for accounting or legal compliance, there are some rules we can not break and understand the consequences if we do. We have a board and hold regular board meetings. We have a company secretary and have ensured that he has been trained on compliance matters and keeps us in check in this regard.
What we lacked was some independent input at board level and it was not until we engaged consultants to help us with strategic planning that the lights came on. They were able to explain to us the benefits of appointing one or more Non-Executive Directors to our board. We have made the first non-executive director appointment and we are very pleased with the outcome. We still have a strong link to management for the reporting and forecasting and have not taken our eyes of the ball on marketing, but when it comes to corporate governance we are confident now that we can be a lot more accountable to our shareholders and will come up well under scrutiny.
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