BEST PRACTICE GUIDELINES FOR THE …

DIRECTORS FORUMBEST PRACTICE GUIDELINES FOR THE APPOINTMENT OF DIRECTORSS eptember 20121. The Board is responsible for the long-term success of a company and its first responsibility is to provide direction and leadership within a framework of prudent and effective controls. The purpose of this paper is to promote best PRACTICE through practical GUIDELINES for the selection and nomination of directors in order to ensure that the Board consists of members with diverse skills and competencies, whilst ensuring a formal and transparent process for shareholders to recommend potential The purpose of this paper is not to reiterate the Code of Corporate Governance (the Code ), but rather to complement the Code and facilitate its There is no one-size-fits-all approach and each company must determine the process that suits its size and needs. All companies can apply these These best PRACTICE GUIDELINES (the GUIDELINES ) should facilitate understanding of the roles of: Independent Directors; Non-Executive Directors; and Directors appointed by way of The GUIDELINES are organised in 6 essential steps for the appointment of directors:- Needs analysis- Profile- Search- Selection- Nomination- A special resource pack designed to assist with the practical implementation of these GUIDELINES can be downloaded from the MIoD website ( ).

3 Transparency and Disclosure A formal and transparent selection and nomination process is critical to gain the confidence and trust of all stakeholders, improve the understanding and

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