Board Self-Assessment plays a crucial part in the responsibility of the board to evaluate and improve its performance. Boards are often asked to examine their own activities, allowing them to align their expertise and knowledge with the company’s goals and meet investor expectations regarding diversity. In addition boards should conduct a comprehensive evaluation at least every two years.
However the process of conducting a self-assessment on the board isn’t an easy task. Many board members have not done it before, and getting them to commit time to the process may take some effort. Many boards struggle to find the an equilibrium between their work and board service.
It is recommended to work with a professional in governance for your board who can guide you through the process. The consultant will create an appropriate survey for the board, distribute it, and collect feedback on a continual basis. They will also examine the data and identify the most relevant information and present them to the board to discuss.
The board should use the results to clarify its own expectations. This will reduce any confusion over the role of the board member and the way they are expected to perform their work. The assessment can help pinpoint areas that require further training. It can also help clarify the expectations of directors in their personal life that is important for those who are full-time workers.