Non-execs still hired through 'old-boys' network
Non-executive directors are still being recruited through personal contacts despite the increased scrutiny placed on corporate governance over the last year, according to a survey
The research by pay consultancy Top Pay showed that 70% of non-executives surveyed were hired through personal networks. The survey also showed that non-execs spent less time in the boardroom last year but still enjoyed an increase in salary of 4% over the same period. Many non-execs also said they were struggling to influence their boards.
The survey found that the average length of board meetings had fallen from 4 hours to 2.9 and the number of meetings a year dropped from 11 to 8.5. Non-exec pay averaged just under £24,000, according to Top Pay.