Board Self-Assessment plays a crucial part in the responsibility of the board to assess and improve its own performance. Boards are often tasked with assessing their own work in order to align the board’s abilities and expertise with the company’s strategic plan and meet the expectations of investors for diversity. Boards should also conduct a thorough review at least every two years.
However, the process of conducting a self-assessment by the board isn’t an easy task. It may be difficult to convince board members to commit time to this task as many have not done this before. Many boards struggle to find the an equilibrium between their work and their board’s duties.
It is a good idea to employ a professional in governance for your board who can guide you through the process. The consultant will create an online survey for the board, distribute it, and collect feedback on a continuous basis. They will also go through the data to discover pertinent insights and present them back to the board to discuss.
After the results have been announced the board should utilize the results to set clearer expectations for its members. This will help to reduce any confusion about the role of an officer and what they must do to accomplish their duties. This assessment can also help identify areas where needing additional training. Finally, it can help define clearer boundaries about the expectations that directors must keep in their personal lives. This may be important for those who work full-time.
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