The Self-Assessment of Boards is a crucial board function that offers an excellent platform for discussing and analyzing the strengths and weaknesses of governance. The board can take advantage of it to take a step back and evaluate its own effectiveness. This will result in better governance.
Planning, time and engagement of board members are essential for a click Corporate Communications Policy over here now successful board evaluation process. The first step is to determine the scope of the assessment. It could be the entire board, a particular committee or even individual directors. A good plan will also identify the evaluation methodology. Common methodologies include surveys, interviews or facilitated discussions. Once the scope of the evaluation as well as the method of evaluation have been established it’s time to create and distribute questionnaires.
Some boards opt to conduct the evaluation in-house while others enlist the help of a third-party consultant. A third party consultant can ensure a thorough, impartial analysis, which is especially important if your board does not have the time or the resources to conduct the assessment on their own.
It is important that board members review themselves. However it is equally crucial that nonprofit boards concentrate on the group. It is easy for nonprofit boards and their evaluation facilitators to become absorbed in evaluating the responses of individual members and not pay attention to the board as a whole.
A successful self-assessment helps boards clarify expectations, discover weaknesses in the composition of their boards and align knowledge of the board with organizational strategy, address concerns from investors about turnover and diversity and improve board procedures and practices. More and more, public companies are releasing the results of their board evaluations in their proxy statements.
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