Risk management is a key requirement when making board-level appointments, according to a report from executive search firm Korn/Ferry International.

The report says that new directors should be appointed with risk in mind, so that the board is a balance of industry experience, strong risk instincts, strategic minds, and overarching diversity.

Meanwhile, non-executive directors also have a critical role to play and need experience in a broad range of fields.

The report is based on interviews with chairmen, CEOs and board directors of major UK and international companies. These include Balfour Beatty, Kingfisher, Legal & General and National Grid in the UK; Deutsche Bank, Lagardère Group, Nestlé and UBS in mainland Europe; and CB&I, Owens Corning and US Steel in the US.