One of the differences that will be seen in this Register, is that some NEDs are licensed by the FSC (as relevant regulator) and some are not. Fundamentally this is because under IOM regulation, there are de minimis levels of directorships and trusteeships before licensing is required.
The Financial Services (Exemptions) Regulations 2008, Class 4 Corporate Services, Section 4.4, (at the bottom of page 9 of the PDF) states:
De minimis activities
4.4 (1) In relation to an activity falling within paragraph (6) of class 4, section
4 does not apply to an individual who is not, and does not act as, a director or
alternate director of more than 10 companies.
(2) For the purpose of this paragraph, in determining the number of
companies in respect of which an individual is a director no account shall be taken of
a company which is —
(a) licensed to carry on a regulated activity, or
(b) referred to in paragraph 4.1.
There is a similar de minimis exemption for Trusts, which functions in the same way as for Companies above, and is found on page 11 of the PDF, section 5.4:
De minimis activities
5.4 (1) In relation to an activity falling within paragraph (1) of Class 5, section
4 does not apply to a specified person who is not, and does not act as, a trustee of
more than 10 trusts.
(2) For the purpose of this paragraph, in determining the number of trusts
in respect of which a specified person is or acts as trustee, no account shall be taken of
any trust in respect of which, by virtue of this Schedule (other than this paragraph),
section 4 would not apply to that person in relation to any activity of Class 5.
This explains why some members will be licensed and some will not. It might be argued that someone with many appointments will find it difficult to allot reasonable time to each position, but remember that some will be non-retail, minimal activity companies, which by definition require minimal input to comply with legal, regulatory and expected requirements.
Equally, it might be said that someone with 10 or less is able to commit more time to the organisations in which they are involved.
Either view can be argued different ways, and it is between the Boards and the individual NEDs to establish expectation, requirement and agreement before any commitment is made either way.
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