Board Self-Assessment plays a crucial part in the responsibility of the board to evaluate and improve its performance. Boards are often required to review their own work in Board Self-Assessment order for them to align their abilities and expertise with the company’s strategic plan and to meet investor expectations for diversity. Boards should also conduct an extensive review at least every two years.
The process of conducting a self-assessment with the board can be daunting. It isn’t easy for board members to spend time on this process, as many have never done it before. Many boards struggle to strike a balance between their work and their board’s duties.
It is a good thing to engage an expert in board governance who will guide you through the process. The consultant will design surveys, distribute them and keep track of feedback throughout the process. They will also review the data and decide on the most relevant findings, then bring them back to the board for discussion.
The board should utilize the results to clarify its own expectations. This will help reduce confusion about a board member’s role and how to perform their duties. The assessment can also help identify areas where more training is required. Finally, it can aid in setting clearer boundaries regarding the expectations directors need to be able to maintain in their personal lives, which may be important for those who work full-time.