Becoming an engaged, highly effective Board of Directors is a
journey - but tools such as self-assessments can help put you on the fast track to
success.
In any evaluation process, your board will receive the most honest and valuable feedback
from people who know how to collect and analyze data, and people who are not part of the
Board's operations.
We have been conducting Board Evaluations for more than a decade. Our process
respects Board members' time, yet delivers a report that is rich in information.
Even better, our rates are highly competitive. In fact, you'll be hard pressed to find a
firm that delivers as much as we do at the rates we offer.
What Today's Environment Means For You
Boards should develop processes to evaluate, at least annually, the performance
of the board as a whole, the performance of each board committee and the performance of
each individual director, as necessary.
Boards should
develop processes to evaluate the performance of the CEO on at least an annual basis.
Depending on the
corporate governance model adopted, boards should consider having the non-CEO Chairman,
the Lead Independent Director (or equivalent designation) or the Presiding Director take a
lead role, in conjunction with the Chairman, in the board evaluation process.
Source:
Corporate Governance: Principles, Recommendations and Specific Best Practices Suggestions,
January 2003, Principle V.
Clearly, a groundswell of support is building for board evaluations. The
question for many
boards is: "How do we conduct an efficient, yet valuable evaluation?"