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Board Self-Assessment is a critical component of the board’s responsibilities to evaluate and improve its own performance. In many cases, boards are charged with evaluating their own work to ensure that they align their board’s skills and expertise with the company’s strategic plan and satisfy investor expectations regarding 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. It can be difficult for board members to dedicate time to this process, as many have never done it before. Moreover many boards struggle to find the perfect balance between the demands of their job and their board service.
It is a good idea to engage an expert in board governance who can guide you through the process. The consultant will design an appropriate survey for the board, distribute it, and collect feedback on a continuous basis. They will also examine the data and identify the most relevant information before presenting them to the board for discussion.
After the results have been announced, the board should use these results to set more clear expectations for itself. This will reduce confusion about the role of a board member as well as how they can fulfill their tasks. The assessment may also identify areas where needing additional training. It can also help to clarify the expectations of directors in their personal life which is crucial for those who are full-time workers.