Board Self-Assessment plays a crucial function in the board’s obligation to evaluate and improve its performance. The majority of boards are charged with evaluating their own work in order to align the board’s skills and expertise with company strategies and to be able to meet investor expectations for diversity. Boards must also conduct a thorough review at least every two years.
The process of conducting a self assessment by the board can be daunting. A lot of board members have never done one before, and getting them to commit time to the process may take some effort. Many boards struggle to find a balance between their job and their board’s duties.
To help ease the way to make the process easier, it’s best to engage an expert in board governance who will guide the process from beginning to end. The consultant will design an online survey for the board, distribute it and collect feedback on a continuous basis. They will also analyze the data to determine pertinent information and bring them back to the board to discuss.
After the results have been announced the board can use these results to set more clear expectations for itself. This will eliminate confusion about a board member’s role and the best way to carry out their tasks. The assessment can help identify areas that require further training. It could also help clarify the expectations of directors in their personal lives, which is important for those who work full-time.