Board Self-Assessment is a critical aspect of the board’s responsibility for assessing and improving its own performance. Boards are frequently asked to review their work in order for them to align their skills and knowledge with the company’s strategy and to meet investor expectations for diversity. Boards should also conduct a comprehensive review every two years.
However, the process of conducting a self-assessment by the board can be a difficult task. It isn’t easy to convince board members commit time to this task because many haven’t done it before. Many boards struggle to find a balance between their work and board service.
It is a good thing to employ an expert in board governance who can assist you in the process. The consultant will design a survey for the board, distribute it and collect feedback on a continual basis. They will also review the data and decide on the most relevant insights and then present them to the board for discussion.
Once the results are out, the board should use the results to establish clearer expectations for its members. This will help reduce confusion about a board member’s role and how they can fulfill their duties. The assessment can help pinpoint areas that require additional training. It may also help clarify the expectations of directors in their personal life and personal lives, which is essential for those who are full-time workers.