Small and mid-cap companies are looking to their NEDs (non-executive directors) to provide more long-term planning and vision for their business, according to research by BDO.

The firm's latest quarterly QCA/BDO Small & Mid-Cap Sentiment Indexshows the majority of smaller companies (83%) think their NEDs are sufficiently independent, while 90% say they are knowledgeable about the business.

Companies say NEDs add value, by offering broader business experience (cited by 70%), along with providing checks and balances (65%) and improving corporate governance (54%). Most (71%) think NEDs are worth the money, while the average salary for a NED is £31,185 a year (£250 per hour). In addition, over half of companies (58%) do not think that their NEDs should spend more time working for their companies than they currently do.

However, the research also suggests that NEDs could be making greater efforts, with over a third (37%) of companies looking for more long-term vision and planning. Getting on for half (45%) are seeking more valuable contacts with other organisations and 31% want NEDs to provide more investor contacts.

Scott Knight, BDO partner, said: 'There is no single universal model for a successful NED. As our research shows, companies want the long-term benefits of improved planning and vision combined with independent thinking. Companies and advisors must set out an evolved job spec for NEDs to ensure they can act as visionaries that support longer-term growth planning, while maintaining their valuable networking skills.'