12 October, 2020
Q: We have a new director joining our PLC board in January, what sort of information should I make available to her?
A: The UK Corporate Governance Code expects all directors of companies with a premium listing to have a "full, formal and tailored induction" and 2018 FRC Guidance proposes "a comprehensive, formal and tailored induction that should extend beyond the boardroom”.
ICSA guidance note Induction of directors (May 2015) contains a lot of practical advice on induction and suggests that the process should aim to build an understanding of the nature of the company, its business and markets, establish a link with the company's people and an understanding of the company's main relationships and ensure an understanding of the role of a director and the framework within which the board operates.
Induction will involve the provision of information, ensuring the new directors is introduced to key stakeholders and company advisers and may include site visits. Key aspects to cover include:
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