The National Association of Pension Funds has announced new guidelines for independent non-executive directors.

Although aimed primarily at independent directors, the guide is also aimed at pension fund trustees, elected representatives, fund managers and other interested parties.

Forum Response: National Association of Pension Funds

Alan Rubenstein, investment council chairman of the NAPF, told ePolitix.com: "Non-executive directors have never been in the spotlight so much before. This is hardly surprising given the growing awareness of the need for good corporate governance.

"The importance of good governance is shown both by the government's call for trustees and fund managers to intervene more proactively in companies, and also by dramatic examples of corporate failure, such as Enron and Marconi, where shareholder value has evaporated.

"It is both natural and inevitable that investors are looking increasingly to the independent directors on boards to be more effective in protecting their interests.

"It is time for us to clarify the role of the independent director. We need to be honest and recognise that independent non-executive directors need to act and be seen as representatives of shareholders within the company as a whole, not just the boardroom.

"I think the "Independent Directors" will be an invaluable resource for all those interested in good governance."