The role and value of NEDs is well defined within listed companies but little is known about NEDs in the SME market. Given the importance of SMEs to the economy and the need to support their growth and development, TLT, ACCA, Transpire and Practice commissioned this report to address the following six key factors relating to the value of NEDs in SMEs:
•What is the need for NEDs in the SME market?
•What is the recruitment process for NEDS and who determines who is hired?
•How are NEDs integrated into the board/company, for example, through networking, mentoring, and induction programmes?
•What does a NED role entail in an SME?
•What are the challenges for NEDs and their organisations?
•What are the terms of engagement in relation to NEDs?