Board Self-Assessment is a critical part of the board’s responsibility for assessing and enhancing its own performance. Boards are often required to evaluate their own work, in order for them to align their talents and knowledge to the company’s mission and to meet investor expectations for diversity. In addition boards should carry out an extensive evaluation at least every two years.
However, the procedure of conducting a self-assessment for the board can be a difficult task. It isn’t easy for board members to devote time to this process because many haven’t done this before. Furthermore, many boards struggle to find the perfect balance between the demands of their job and their board service.
To help ease the way to ease the process, it’s best to engage an expert in board governance who can assist with the entire process from start to finish. The consultant will create an assessment for the board, distribute it and collect feedback on a continual basis. They will also review the data to discover pertinent information and bring them back to the board for discussion.
After the results have been announced the board should make use of the results to establish clearer expectations for itself. This will help to reduce any confusion regarding the job of an officer and how they are expected to complete their tasks. The assessment can also identify areas where additional training is needed. Additionally, it can aid in setting clearer boundaries regarding the expectations that directors must maintain in their personal lives, which could be particularly important for those who work full-time.