The year of the iNED: Cultural change in the City

New rules on independent non-executive directors kicks in this year

Corporate culture features high on the agenda for City regulators in 2019, with the pressure landing on boardrooms to take the lead in driving cultural change.

In November, FCA chief executive Andrew Bailey demanded cultural change from the City, highlighting a growing need for independent voices at the top of company hierarchy. In asset management circles, the independent non-executive director (iNED) will become this central figure this year, with firms mandated to find, train and appoint at least two iNEDs by 1 October. The regulations were implemented after a market study concluded rules to "prevent undue costs being charged" were simply not working. It is time to talk about the iNED gap It is a significant change in how the FCA pe...