Board Self-Assessment is a critical aspect of the board’s responsibility to evaluate and improve its own performance. Boards are often tasked to review their own performance in order to align the board’s skills and expertise with company strategy and meet the expectations of investors for diversity. Boards should also conduct a thorough review every two years.
However the procedure of conducting a self-assessment on the board can be a daunting task. Many board members haven’t performed one before, so getting them to commit time to the process might require some effort. Furthermore many boards struggle to find the right balance between the demands of their jobs and the duties of their board.
To ease the process, it is best to engage an expert on board governance who can facilitate the entire process from beginning to end. The consultant will develop the survey, distribute it and keep track of feedback throughout the process. They will also analyze the data and determine the most relevant information and then present them to the board for discussion.
The board should use the results to clarify its own expectations. This will eliminate confusion about a board member’s role and the best way to carry out their tasks. The assessment will help to identify areas that require further training. Finally, it can aid in setting clearer boundaries regarding the expectations directors need to maintain in their personal lives. This could be crucial when working full-time.
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