Can retired executives become NEDs or board advisors?

Key takeaways

• Retirement removes conflicts of interest that boards value in NEDs
• NEDs typically work two to three days each month
• The Corporate Governance Code recommends at least half the board, excluding the chair, be independent
• Portfolio careers mixing NED, advisory and trustee roles are increasingly common

We're one of the platforms UK senior leaders use to move into board and advisory work, supporting 6,500+ executives building fractional, advisory, and NED careers. A lot of them are retired, and the hardest part for them is rarely a skills gap.

Most people simply don't know where to start, or worry that a CV full of executive titles won't translate to a boardroom that judges people differently. If that sounds familiar, Connectd's Non-Executive Director pathway is built around this exact transition.

What does a retired executive NED role actually involve?

Retirement simply moves you away from the day-to-day running of a business, and that's the whole point of a non-executive director role. A NED sits outside daily operations, providing independent oversight, advice and constructive challenge to the people who run them, always acting in the company's best interests rather than one department's.

Most organisations recruiting a NED want an outside perspective rather than a repeat of an old executive job. They want someone who can weigh the interests of shareholders, employees and other stakeholders without the bias that comes from running the place day to day.

Executive directors vs non-executive directors: what actually changes

Making the shift from one to the other is a change in posture, not just a change in job title. Here's how the two roles differ.

Framed using the duties and expectations set out in the Companies Act 2006 and the FRC's 2024 UK Corporate Governance Code.

Many retired executives need a few board meetings before they stop reaching for operational levers and start trusting the oversight role instead. Luke Green put it plainly: "Coming from executive positions, it's easy to fall into being too hands-on." Connectd's programme helped him stay focused on the advisory side, where he now feels he adds the most impact.

Why startups value a non-executive director like you

Startups facing rapid growth need more than cash from an investment round; they need access to people who've navigated the problems ahead, from fundraising and scaling teams to entering new markets. A high-profile retired executive brings instant credibility with investors and regulators, and the FRC's 2024 Corporate Governance Code treats independent oversight as central to that investor confidence.

NEDs increasingly address sustainability and ESG factors too. Taking effect from January 2026, Provision 29 of the 2024 Code requires boards to declare the effectiveness of their controls, extending that declaration to cover ESG and narrative reporting specifically.

Board advisor, NED or trustee: which suits a retired executive?

Not every retired executive wants the same level of formal responsibility, and that's where the three most common paths differ. Here's how they compare.

Source: Companies Act 2006 (director duties); FRC UK Corporate Governance Code 2024 (independence expectations); Charities Act 2011 (trustee duties).

Non-executive directors sit on the board itself and carry real accountability for company direction, while a board advisor role offers guidance without that legal exposure, and a trustee role applies similar principles to charities and not-for-profits. Many retired executives start as an advisor and move into a NED position once they've found their footing.

The legal responsibilities behind a NED appointment

Retired executives sometimes underestimate this: a NED appointment carries real legal weight, not just a title. Under the Companies Act 2006, non-executive directors carry the same legal responsibilities as executive directors, and the law holds them accountable for board decisions even without day-to-day involvement. NEDs help ensure compliance with laws and corporate governance standards rather than simply attending meetings.

For listed companies, the Corporate Governance Code recommends that at least half the board, excluding the chair, be independent, and many startup and scale-up boards now follow the same principle voluntarily as they mature. That provision alone shows how seriously governance treats board independence.

Time commitment: what a non-executive director role really looks like

One of the biggest misconceptions about NED work is the time it demands. Most roles ask for a fraction of a working week, and that's by design. NEDs typically work two to three days per month on a single role, covering board meetings, preparation and occasional calls with the chair or executive team between sessions.

This is exactly why a portfolio career works so well after retirement. Many retired executives hold two or three NED, advisory or trustee roles at once (spreading their time across companies, industries and charities) while still leaving room for the rest of retired life.

How much can a retired executive earn as a NED?

NED pay can be genuinely worthwhile, and there's useful benchmark data to prove it. The average NED base fee across the FTSE 150 sits at £80,888, according to the 2025 UK Spencer Stuart Board Index (up 3% on the previous year). However, Alvarez & Marsal research, reported by Board Agenda in December 2025, found that FTSE 100 fees specifically have lagged CPI inflation by 11.8% over the past decade, a real-terms pay cut despite growing responsibility.

Startup and scale-up board roles often pay differently again, sometimes including equity rather than cash, particularly at early-stage companies focused on preserving capital. These are market averages, not what you'll necessarily earn on your first board seat.

Our NED salary guide breaks down market benchmarks by sector and stage, and the salary calculator below gives a personalised estimate based on your background and our own placement data, rather than a blanket FTSE figure.

How to get your first NED placement after retiring

Getting a first board seat is usually the hardest part, since decades of executive experience doesn't automatically open board doors without a formal NED track record. Here's what typically works:

• Complete structured governance training to speak the language of board oversight confidently
• Get mentorship from someone who has already made the transition from executive to non-executive
• Take a guaranteed placement (often pro bono at first) to build a real, citable NED track record
• Use that track record, plus a clear job description of what you offer, to move into paid NED or advisory roles

Dani Saadu followed this exact path, using his guaranteed placement to take on a pro bono NED role before landing paid work. "Going into interviews already doing the job," he told us, "not just talking about wanting it, made the real difference."

Michael Horsley took a similar route into advisory work, turning a five-to-six-month pro bono placement into a paid role once he'd proven his value directly to the startup.

NED recruitment usually starts with a job description. A board meeting you for the first time judges you against that description, not your old executive title, so defining your specific skills matters as much as your CV.

The two main challenges of moving from executive to non-executive

This shift changes how you're expected to operate, well beyond a change in title. Here's where retired executives tend to struggle:

Operating differently

Executive directors run daily operations. Non-executive directors provide oversight and constructive challenge without stepping into that operational role, which can feel restrictive to someone used to being hands-on.

Starting your network over

Executive roles carry built-in visibility as a business owner or leader, and retirement removes that visibility. Rebuilding a presence in the startup world takes deliberate effort. Attending sector-specific board events or leaning on a mentor's network tends to work better than waiting for old contacts to resurface on their own.

Life beyond the board: what retirement still gives you

None of this needs to become a second full-time job. A NED role fits alongside your life, adding to it without taking over. Retired executives who build a sensible portfolio tend to see real benefits beyond the boardroom:

• More time for exercise, better sleep and family; protected rather than eroded by board commitments
• Increased philanthropy and community volunteering, once free of a single employer's calendar.
• Stronger cognitive engagement and social connection
• A mix of NED work, advisory roles and personal pursuits that have nothing to do with business

Social connection and cognitive engagement matter for wellbeing in retirement. A recent study on volunteering found real benefits from staying socially and mentally engaged after leaving full-time work. A NED role can offer some of that too, and for many retired executives, it's one part of a wider mix that still leaves room for the rest.

Retirement isn't the end of your board career

Retirement closes one chapter of daily operations. The judgement, network and expertise built across a full executive career remain exactly what growing businesses need at board level. The route in looks different from your last job search, but it's well established: training, mentorship and a first placement turn decades of experience into a valuable, ongoing career.

For most retired executives, the reality looks less like a single board seat and more like a portfolio: a NED role, some advisory or trustee work and the flexibility to shape it around the retirement you actually want.

Ready to bring your experience to the boardroom?

Connectd's Non-Executive Director pathway suits executives making this move, combining CPD-accredited governance training, mentorship from someone who's made the transition, and a guaranteed placement to build your board track record. A more flexible Board Advisor pathway offers similar support without the formal board seat.