Challenging, supportive, insightful – the value of an Independent Trustee
Challenging, rewarding and (yes, at times) surprising: that’s how MD Jeremy Gadd describes the experience of being an Independent Trustee.
And he should know. Not just because Jeremy and Lead Associate Pip Meaden are themselves Independent Trustee Directors at four successful EO businesses – but because, at JGA, we specialise in building Trust Board effectiveness and providing Independent Trustee Resourcing support.
So what value can an Independent Trustee bring to your Board? The clue is in the name.
The value of independence
As Jeremy explains: ‘A good Independent Trustee brings independence of thought, a fresh pair of eyes and the ability to ask the really simple questions that invite people to think in a different way.
‘You’re there to ensure the company is being run in the best interests of the beneficiaries - who are the employees - and that’s different to other Non-Executive Director roles.’
Pip agrees: ‘I get to ask the questions that some might view as naïve, but which often bring about the best conversations. It’s critical that, when appropriate, the challenge is there – being able to offer assurance that the right decisions are being made for the right reasons is key.’
The power of working together
Part of the role is to fill a gap by providing additional insight and skills – chairing, financial, EO or sector-specific. Jeremy cites the ability to listen and ask good questions, curiosity, empathy, commercial know-how and sound judgement as integral to being an Independent Trustee.
Working together is also important.
‘When you join a Trust Board, you must first collectively establish trust and define your purpose and culture,’ he says. Then, as an Independent Trustee, you’ll be able to call out the important things that might feel uncomfortable, and stand your ground.
‘You’re independent but you must be a team player, recognising that everyone in the room is playing their part.’
This approach extends to the relationship an Independent Trustee builds with any Employee Trustees the company might have – ‘a really important dynamic’, Jeremy says. ‘The Employee Trustee offers valuable insight into the experience of working within the organisation.’
As an Independent Trustee, you can also support the Employee Trustee to develop in their role as their business grows. ‘Employee Trustees take on a high level of responsibility and that can feel lonely,’ he points out. ’That’s why JGA launched Trustee Connect, our open forum for this vital group.’
‘A good Independent Trustee brings independence of thought, a fresh pair of eyes and the ability to ask the really simple questions that invite people to think in a different way’
Jeremy Gadd, MD and Independent Trustee
‘It’s critical that, when appropriate, the challenge is there – being able to offer assurance that the right decisions are being made for the right reasons is key’
Pip Meaden, Lead Associate and Independent Trustee
The challenge of ‘keeping close’
So what about Jeremy’s own experience as an Independent Trustee? He currently holds the role at two innovative EO businesses: multi award-winning animation company Aardman and design-led manufacturer and supplier The Rooflight Company?
‘I’m lucky to be on two very good, very diverse Trust Boards that operate in different ways and have strong relationships with two impressive executive teams,’ he agrees.
‘I’ve taken time to understand the different dynamic and business lifecycle of each, to ensure my judgements are well-informed and sound. It’s a privilege to play a small but important part in the success of a company when it’s making significant organisational changes or capital investments.’
Being an Independent Trustee has enhanced Jeremy’s personal development too, giving him the chance to meet (and learn from) people at all levels and across functions, including Employee Reps – something that gives him ‘a real buzz’.
‘What might surprise some is the range of issues we discuss,’ he adds. ‘The challenge for anyone in this role is to keep close enough to the organisation to sense how it’s being run internally. You don’t need to know the detail, but is it living its values? It’s important to get that balance right.’
Getting the right people in the right roles
For Pip, being an Independent Trustee offers the opportunity to apply her experience of working within EO at a different level, supporting people and cultural change. ‘It enables me and my fellow Trustee Directors to monitor, sense check and balance the way the businesses are being led,’ she explains.
‘With the employee ownership trust (EOT) the major shareholder, I enjoy my role as an independent voice. I can bring a degree of common sense and perspective which can be difficult for others to offer if they have an emotional attachment to an issue or thing.
‘the EO sector’s growth and the number of founder / family-led businesses choosing to transition is driving the demand for good Independent Trustees,’ concludes Pip. ‘My advice to any organisation is to be very clear about your requirements, seek expert support with the Independent Trustee Resourcing process and recruit accordingly.’
What should you do next?
At JGA, we connect high-calibre Independent Trustees with forward-thinking EO organisations through our EO Trustee Appointment Service (EOTAS) – in partnership with Russam. We also enable businesses to build Trust Boards that actively make a difference – with our Trust Board Effectiveness support.
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