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 work in order for them to align their abilities and expertise with the company’s goals and meet the expectations of investors regarding diversity. In addition boards should conduct an evaluation of their work at least once every two years.
However the procedure of conducting a self-assessment by the board isn’t an easy task. Many board members haven’t performed one before, so getting them to dedicate time to the process could require some effort. Many boards struggle to find a an equilibrium between their work and board Virtual Data Room Security service.
It is a good thing to employ an expert on board governance who can assist you in the process. The consultant will design an online survey for the board, distribute it, and collect feedback on a continual basis. They will also review the data and decide on the most pertinent insights before presenting them to the board to discuss.
After the results have been announced the board should make use of the results to establish clearer expectations for its members. This will eliminate any confusion about the role of an officer and the way they are expected to do their job. The assessment will help to identify areas in which further training is required. In addition, it will help set clearer boundaries around the expectations directors are required to maintain in their personal lives, which could be particularly important for those who work full time.
