I intend to hire independent non-executive directors I'm my company but I'm confused on what their remuneration should be like. The company is an established one with revenues of little more than N200 million annually. They are not going to be involved in the day to day running of the business, they will only be giving advice to the management of the business and sometimes use their connections to get certain favours such as clients and contracts. They will just need to attend board meeting that hold once in 2 months. Note that during board meeting, some may have to travel down.

The calibre of people include former university VCs, high ranking civil/public servants, business executives, military officials, senior advocates of Nigeria and traditional rulers.

What should their remuneration be like considering the fact that they are already wealthy and well-to-do people and this job won't interfere with their normal daily activities except for the meeting once in 2 months and few emails and phone calls.

How badly do you need them would assist you in determining their worth. Sitting allowance would be determined by the board of directors(executive) in most cases
I honestly do not think you need non executive directors.
Keep growing your business as you have always done, pay for research information, go for seminars & workshops, talk to your bankers, go back to schools etc but do it yourself. You are only setting up a way for you to have headache.
Please sir don't think 200m in turnover is money to run a business in today's Nigeria. That money can be lost in just a day, take it from me. I know what am saying.
Oga you are on your own if things go wrong.

Why would you have independent non-executive directors when you are running a private company? You only need them if your company is public. If you really need outside help, reach out to management consultants. It's better to spend the money you are using for hiring directors to hire new sales representatives.


In any case, most non executive directors get sitting allowances depending on what the company can afford. That's it, in a nutshell. Okomu Oil Palm wouldn't pay its directors the same allowance as NAHCO does.

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ultron12345:


The calibre of people include former university VCs, high ranking civil/public servants, business executives, military officials, senior advocates of Nigeria and traditional rulers.

Gbo gbo eleyi, ko necessitry.

Even banks with an annual revenue of over 200 billion don't have these number of people as non-executive directors.

Traditional rulers ke? Military officials? Like 10 or 20 of them? Ah!

Pointek:
How badly do you need them would assist you in determining their worth. Sitting allowance would be determined by the board of directors(executive) in most cases
I honestly do not think you need non executive directors.
Keep growing your business as you have always done, pay for research information, go for seminars & workshops, talk to your bankers, go back to schools etc but do it yourself. You are only setting up a way for you to have headache.
Please sir don't think 200m in turnover is money to run a business in today's Nigeria. That money can be lost in just a day, take it from me. I know what am saying.
Oga you are on your own if things go wrong.

what u need is a businessman strategies. u don't need non- executive directors. WhatsApp me for details.

Acidosis:


Gbo gbo eleyi, ko necessitry.

Even banks with an annual revenue of over 200 billion don't have these number of people as non-executive directors.

Traditional rulers ke? Military officials? Like 10 or 20 of them? Ah!

Lol... It was a microfinance institution. We didn't actually need a board but it was one of the requirements set by the regulator.

einsteine:
Why would you have independent non-executive directors when you are running a private company? You only need them if your company is public. If you really need outside help, reach out to management consultants. It's better to spend the money you are using for hiring directors to hire new sales representatives.


In any case, most non executive directors get sitting allowances depending on what the company can afford. That's it, in a nutshell. Okomu Oil Palm wouldn't pay its directors the same allowance as NAHCO does.

Well said!