06 Jul How to Facilitate a Board Self-Assessment
Board Self-Assessment is a critical component of the board’s responsibilities for assessing and enhancing its own performance. Boards are often asked to review their own work, to enable them to align their expertise and knowledge with the company’s goals and meet the expectations of investors regarding diversity. In addition, boards should ideally conduct an evaluation of their work at least every two years.
The process of conducting a self assessment by the board can be overwhelming. A lot of board members have never performed one before, so getting them to commit to the process can take some effort. Furthermore, many boards struggle to find the right balance between the demands of their job and their board’s duties.
To make the process easier to ease the process, it’s best to engage a board governance consultant who can guide the entire process from beginning to end. The consultant will create the survey, distribute it and gather feedback on it continuously. They will also go through the data to determine relevant information and then bring them back to the board to discuss.
The board should utilize the results to clarify its own expectations. This will eliminate confusion about the role of board members and the best way to carry out their tasks. The assessment can help identify areas that require further training. It can also help clarify expectations for directors in their personal life that is important for those who work full-time.
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