Two of the most important attributes of any independent director are knowledge and experience. It is absolutely vital for directors to have basic professional skills—including financial literacy—to do their job effectively. They also need contemporary knowledge of what is happening outside their sector in order to bring best practice to their boards. One case study example is universities who are increasingly behind the curve when it comes to the digital revolution and its ability to transform operations. Similarly the NHS case study demonstrates it has a vast and complicated supply chain but the service lacks the up-to-date knowledge of logistics and supply chain management required. This has been further underlined by the varied responses to the Coronavirus. Additionally Henley Business School research has revealed many of the other gaps in skills and knowledge required to be an effective Independent Director.
The Importance of Knowledge