The board room evaluation is an essential part of the board’s overall assessment process. It helps the board to understand its strengths, weaknesses and ensures that it is on the right track with its goals and objectives. A regular board review will ensure that no company misses out on opportunities and risk. It’s also an excellent method to improve the performance and effectiveness of the board. There are a variety of ways in which an annual review of the board can be conducted. It can be a periodic internal review using a well designed board survey like the low-cost benchmarked surveys offered by Board Surveys or a more unique external assessment that is independent and independent.
The board can also utilize this time to formulate and discuss improvement plans. It’s essential to have a facilitator that can lead the discussion without any bias. It’s usually helpful to have someone familiar with the challenges faced by highly-performing boards.
Another issue that can arise during the boardroom review is identifying and addressing culture and working practice issues within the top management. It can be difficult to implement change in this type of situation. In the current business environment the image of the elusive and obnoxious director is no longer true.
