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Board assessments and evaluations create the opportunity for boards to evaluate their performance against the ever-growing list of board responsibilities and obligations. But, what’s the most effective way to deploy a board assessment?
Watch this interactive conversation on the importance of board assessments, how to define evaluation objectives, and how to turn your next assessment into a road map for improved governance.
Why Conduct Board Assessments?
A thoughtful assessment aligns the board towards long-term strategy, reveals needed skills, and offers a fresh perspective on what’s working – and, more importantly, what’s not working.
Customizable assessments and valuations from OnBoard give you the flexibility to uncover insights unique to your board of directors. When finished, you’ll discover opportunities for improvement and create an actionable plan based on your results.
But How?
Most boards — including 40% of the Fortune 100 — use questionnaire-based assessments to gather information about their boards effectiveness. But beware of deploying a simple checklist, rather, first consider what will be measured.
Most assessments evaluate topics like:
Conduct Your Evaluation
Defining who will be evaluated and how will provide clarity to your evaluations results. Often the responsibility of the nominating and governance committee to shape the evaluation, boards will conduct their evaluations through a questionnaire that combines a self-assessments with a broader peer, management, and committee level evaluation.
Analyze Your Results
You will find something that surprises you in your results. But first the results must be synthesized and turned into concrete insights. Then it’s up to the board to forge a plan of action with concrete steps, timelines, metrics, and how they will evaluate to progress. Then next year, before your next assessment, conduct a retrospective, did you hit your objectives and key results?
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