8
Board time and resources
8.1
Non-executive directors should ensure they have sufficient time to fulfil their duties and boards should set clear expectations when recruiting new non-executives. Meetings should be organised to provide adequate time to deal with each of the matters to be covered. Discussions may take place outside formal board meetings, but the board meetings should be genuine, open discussions and not stage-managed, and the chair has a particular responsibility to ensure that this is the case.
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8.2
The PRA expects non-executive directors to be given adequate support to enable them to carry out their duties. Such support should include appropriate and relevant induction and ongoing training and professional advice (as mentioned above) as well as other practical assistance including office accommodation and staff support. The Corporate Governance Code[7] expects, and the PRA’s rules on the Senior Managers Regime[8] require the chair to lead the development and monitoring of effective policies and procedures for the induction, training and ongoing professional development of board members, in particular non-executives.
Footnotes
- 7. See Financial Reporting Council’s ‘UK Corporate Governance Code’; https://www.frc.org.uk/Our-Work/Codes-Standards/Corporate-governance/UK-Corporate-Governance-Code.aspx.
- 8. See the PRA’s dedicated Strengthening Accountability webpages at www.bankofengland.co.uk/pra/Pages/supervision/strengtheningacc/default.aspx.
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