Board Self-Assessment plays a crucial role in the board’s responsibility to evaluate and improve its own performance. Often, boards are tasked with reviewing their own work in order to align the board’s expertise and skills with the company’s strategy and meet the expectations of investors for diversity. Boards should also conduct a comprehensive review at least every two years.
However, the process of conducting a board self-assessment can be a daunting task. It isn’t easy to convince board members to spend time on this process, as many have never done it before. In addition many boards struggle to find the right balance between the demands of their jobs and their board’s duties.
It is a good idea to hire a board governance expert who can assist you in the process. The consultant will develop an online survey, distribute it and keep track of feedback throughout the process. They will also review the data and decide on the most relevant findings before presenting them to the board for discussion.
After the results have been announced Discover More Here about full board self assessment checklist the board should utilize these results to set more clear expectations for itself. This will reduce any confusion regarding the job of the board member and how they are expected to do their job. The assessment can help identify areas that require additional training. It can also help to clarify the expectations of directors in their personal lives, which is important for those who are full-time workers.