LONAP’s board of directors is formed of one executive director, who has responsibility for the day to day running of the company and four non-executive directors (NED) who are elected by the Members of the company; the NEDs provide independent advice and oversight to the executive team.
Specific responsibilities of a NED at LONAP include:
- Overseeing the company’s financial performance.
- Overseeing the company’s risk management and compliance procedures.
- Reviewing and approving the company’s Activity plan and budget.
- Ensuring that the company is operating in a fair and neutral manner.
- Representing the company to stakeholders, such as the Members and the wider community.
- Time Commitment
When you accept the role of a LONAP NED, you are committing to spend eight days per year working for the Company. This will help to ensure that you are not over committed and that you are able to fulfil your responsibilities effectively.
Meetings
The LONAP board of directors meets at least four times per year for a full day and NEDs are expected to attend all meetings; there may be a few hours of preparatory work or reading in advance of the meeting for the NEDs. At least half the meetings will be outside of London and will require travel by road, rail or air. The company holds at least one Annual General Meeting (AGM) each year which NEDs are expected to attend. LONAP NEDs are also expected to attend at least one Euro-IX meeting a year, these meetings start on a Monday morning and may be held anywhere in Europe. On some occasions it may be necessary to stay overnight, LONAP will reimburse all necessary travel and subsistence expenses.
Identity Verification
To comply with current legislation[1] LONAP requires all Directors to provide an original government issued proof of identity and a proof of current residential address. This will be copied and the copy retained on file; you may be required to provide this identification to any LONAP supplier who provides services to the company. LONAP directors use the company’s registered office as the service address recorded at Companies House.
Service Contract and Remuneration
In consideration of the time commitment, LONAP NEDs are paid for a total of eight days a year, which is paid pro-rata each month. The director with specific responsibility for finance is paid an additional two days (10) and the chair-person of the board an additional eight days (16). LONAP directors are required to sign a Service Contract with the company.