Board Self-Assessment is a critical aspect of the board’s responsibility to evaluate and improve its own performance. The majority of boards are charged with assessing their own work to ensure that they align their board’s expertise and skills with the company’s strategic plan and meet the expectations of investors for diversity. Boards should also conduct an extensive review at least every two years.
The process of conducting a self assessment by the board can be overwhelming. It could be a challenge to get board members to spend time on this process as many have not done this before. Many boards struggle to find the balance between their job and their board’s duties.
It is recommended to employ an expert on board governance who will guide you through the process. The consultant will prepare a survey, distribute it and gather feedback on it continuously. They will then review the data to identify pertinent insights and present them back to the board to discuss.
The board should utilize the results to clarify its own expectations. This will eliminate any confusion regarding the role of a board member and what they must do to accomplish their duties. The assessment will help to identify areas that require additional training. In addition, it will help establish clearer boundaries for the expectations directors have to adhere to in their personal lives. This could be particularly important for those who work full time.
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