Board Self-Assessment is a critical element of the board's responsibility for assessing and enhancing its own performance. Boards are often required to review their work in order for them to align their talents and knowledge with the company's goals and to meet investor expectations for diversity. Additionally boards should conduct an exhaustive evaluation at least once every two years.
The process of conducting a self-assessment for the board isn't easy. It could be a challenge to get board members to dedicate time to this process since many have never done it before. Many boards struggle to find the balance between their work and board service.
It is beneficial to work with a board governance expert who will guide you through the process. The consultant will prepare a survey, distribute it and collect feedback continuously. They will also analyze the data and determine the most relevant information, then bring them back to the board for discussion.
After the results have been announced the board should utilize the results to establish clearer expectations for itself. This will reduce confusion about the role of a board member as well as how they are expected to fulfill their tasks. The assessment will help to identify areas that require additional training. It can also help set clearer boundaries around the expectations directors need to maintain in their personal lives. This could be crucial for those who work full-time.
