Board Self-Assessment plays a crucial role in the board’s responsibility to assess and improve its own 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 investor expectations regarding diversity. In addition boards should carry out a comprehensive evaluation at least every two years.
However, the procedure of conducting a board self-assessment can be a daunting undertaking. It can be difficult to get board members to commit time to this task, as many have never done it before. Many boards struggle to find a an equilibrium between their work and board service.
To make the process easier to make the process easier, it’s recommended to hire an expert in board governance who can assist with the entire process from start to finish. The consultant will develop surveys, distribute them and continue to collect feedback. They will also review the data and decide on the most relevant findings, then bring them back to the board for discussion.
Once the results are in the board should utilize these results to set more clear expectations for its members. This will help to reduce any confusion regarding the job of a board member and how they should perform their work. The assessment can help identify areas that require additional training. It may also help clarify expectations for directors in their personal life, which is important for those who are full-time workers.