Board Self-Assessment plays a crucial function in the board’s obligation to evaluate and improve its own performance. Often, boards are tasked to review their own performance to ensure that they align the board’s capabilities and expertise with the company’s strategy and satisfy investor expectations regarding diversity. Additionally boards should be able to conduct a comprehensive evaluation at least every two years.
The process of conducting a self-assessment by the board can be overwhelming. It may be difficult for board members to spend time on this process as many have not done it before. Many boards struggle to strike a balance between their job and their board’s duties.
It is recommended to hire an expert on board governance who will guide you through the process. The consultant will develop an assessment for the board, distribute it and collect feedback on a continual basis. They will also examine the data and identify the most relevant insights and present them to the board to discuss.
When the results are in the board can use the results to set clearer expectations for its members. This will help reduce any confusion regarding the role of the board member and how they are expected to accomplish their duties. The click Corporate Communications Policy over here now assessment can help pinpoint areas that require additional training. Additionally, it can help establish clearer boundaries for the expectations that directors must be able to maintain in their personal lives, which could be particularly important when working full-time.
