As the leader of your board, you’re responsible for the obligation of ensuring that the board members have the knowledge they need to fulfill their roles and meet their obligations. This means ensuring that the board receives the information it needs from the management. This would ideally mean conducting regular Board Effectiveness Reviews.
A thorough evaluation process will assist the board to gain more understanding of a range of problems that could be hindering board performance. They can range from simple operational complaints like the duration of meetings or composition of agendas for board meetings to more complex concerns about how the board functions and insufficient knowledge and abilities on the board. It could also signal the need for new directors or adjustments to existing director assignments.
The board should be clear on the purpose of the assessment and should be the one to lead the process with the assistance of senior managers who communicate with the board regularly. The board should agree to discuss the results and deal with any issues that arise.
A recent study based on 9 years of self-evaluation data for board members from a renowned Australian consulting firm specializing in survey research and corporate governance services. It revealed 11 trustworthy factors that contribute to the effectiveness of the board. Six of the factors were purely or mostly Leblanc and Gillies (2005) “how” item, which is a reflection of distinct procedures for how boards can perform effectively. These include teamwork and communication within the board as well as leadership by the chair, committee leadership, effective meetings, self-assessment of the board and efficient record keeping and management of information.
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