Board Self-Assessment plays a crucial role in the board’s duty to evaluate and improve its performance. Boards are often required to review their own work in order for them to align their expertise and knowledge with the company’s strategy and meet the expectations of investors regarding diversity. In addition, boards should ideally conduct an exhaustive evaluation at least every two years.
However, the procedure of conducting a board self-assessment can be a difficult task. Many board members haven’t completed one before, and getting them to commit time to the process can take some effort. Many boards struggle to find a balance between their job and their board’s duties.
To ease the process to ease the process, it’s best to engage an expert on board governance who can assist with the entire process from beginning to end. The consultant will develop an appropriate survey for the board, distribute it, and take feedback on an ongoing basis. They will also analyze the data to find pertinent insights and present them back to the board to discuss.
Once the results are in the board can use the results to establish clearer expectations for its members. This will lessen confusion over a board member’s role and how they can fulfill their tasks. The assessment will also help identify areas where additional training is needed. It could also help clarify expectations for directors in their personal life which is crucial for those who work full-time.
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