Board Self-Assessment plays a crucial part in the responsibility of the board to evaluate and board portal software improve its own performance. In many cases, boards are charged to review their own performance to ensure that they align the board’s expertise and skills with the company’s strategic plan and meet investor expectations for diversity. Boards should also conduct a comprehensive review at least every two years.
The process of conducting a self-assessment by the board can be daunting. Many board members haven’t done it before, and getting them to commit to the process can take some effort. Many boards struggle to find the balance between their duties and board service.
It is recommended to employ an expert in board governance who can help you through the process. The consultant will prepare a survey, distribute it and continue to collect feedback. They will also review the data to identify relevant insights and bring these back to the board for discussion.
Once the results are out the board can use the results to establish clearer expectations for itself. This will eliminate confusion about the role of a board member and how they can fulfill their duties. The assessment will help to identify areas in which more training is required. Additionally, it can help set clearer boundaries around the expectations directors are required to keep in their personal lives. This could be crucial when working full-time.
