Non-Executive Director — Downside Capital and Covenant Oversight
United Kingdom·Business Services & Diversified·Restructuring and turnaround· London·Posted 29 July 2026
Applications close 12 December 2026
Restructuring and turnaround organisation in United Kingdom
The problem this seat exists to solve
The director will strengthen board scrutiny of leverage, covenant capacity and capital decisions in an industrial business. The seat requires attention to plausible combinations of adverse events rather than confidence in a single management forecast.
Board responsibility
Review the relationship between earnings, cash generation and financing obligations. Challenge significant adjustments used in covenant or lender reporting and understand the difference between contractual compliance and practical debt-service capacity. Seek specialist interpretation where facility terms materially affect the decision.
The downside discussion
Ask management to show the effect of weaker demand, slower collection and necessary expenditure occurring together. Identify the actions available, their lead times and their costs. A response that assumes assets can be sold immediately or every creditor will extend terms needs further evidence.
The director should help the board establish triggers for early action, including when an investment or distribution should be reconsidered. These triggers should support judgement rather than becoming mechanical substitutes for it. Require the response plan to identify the approvals and elapsed time each action needs. A contingency that cannot be executed before liquidity tightens is not an available protection, even if it appears financially sufficient in the model.
Qualified candidates
Candidates should bring senior industrial finance, restructuring or lending experience with credible governance capability. They need to challenge technical advisers and translate financing issues into operating choices. Evidence of handling covenant pressure or a deteriorating credit case is particularly relevant.
Quality of the board's decision
The contribution should improve visibility of headroom, uncertainty and the consequences of proposed capital commitments. Directors should understand what would change their view before the business reaches a deadline-driven negotiation.
The appointment is non-executive. Routine covenant calculations, lender submissions and financing execution remain management responsibilities. Applicants should discuss a situation where a business was technically compliant but financially vulnerable, and explain how they identified the issue and supported a proportionate response through the relevant governance process.
Terms
- Where the board sits
- London, United Kingdom
- Applications close
- 12 December 2026
- Appointment
- Board appointment
- Compensation
- GBP 65,000–110,000 per year (indicative annual board fee)
- Time commitment in this market
- Typically 6–9 board meetings a year plus committee cycles and a strategy day; audit-committee chairs should expect materially more.
Before you apply — United Kingdom
Neither the Companies Act 2006 nor the Code imposes any residency or nationality test on a director. A foreign national can be appointed to a UK board without a permit, a filing exemption or a local counterpart.
- Residency test
- None.
- Nationality test
- None.
- Work authorisation
- A non-executive director attending board meetings does not require a work visa; permitted business activities cover it. An executive or interim operating role requires a Skilled Worker visa or equivalent.
- Tenure limit once appointed
- No hard cap. Provision 10 treats service of more than nine years from first appointment as a circumstance that may impair independence, and Provision 19 limits the chair's total tenure to nine years with limited flexibility.
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