You call it assessments or you call it board self-evaluation it is one and the same. The idea is to devise a plan where the evaluation of the board of directors is conducted along with the CEO evaluation. We know this process is tedious and when you are at the pinnacle of success, it is difficult to introspect oneself and others. Nevertheless, you cannot deny the importance of board and CEO evaluation.
Boards must conduct self-assessments as it is the best practice. Whether it is a public board, private board, or board of a non-profit organization, all the board members are accountable to those they serve and it is important for them to do so they can justify their board service. The nominating and governance committee is normally tasked with ensuring that the board completes its annual board self-assessments.
The purpose of board self-assessments is to make sure that boards are fulfilling their duties and responsibilities. Also, these assessments ensure that there are proper processes for the board to give due diligence to planning and oversight over the organization. Honestly, no one is there to oversee the work of the board, so it is vital they take an annual objective to look at themselves as individual directors and the way they function as a group.
Preparing the board for their duties
We know it is difficult. The board can go for CEO evaluation, but who can direct the board to do anything. They are the bosses. However, it is not impossible at least. The organization can have rules to conduct an objective and adequate evaluation of a board director’s progress in case he or she was not aware of the expectations from the beginning. The board self-assessment process really must begin the moment a new board director accepts a vacant board seat.
The best-case scenario is for the nominating committee to talk through the board director’s responsibilities during the search and recruitment process. Is there any point in recruiting someone at the top position who isn’t even willing to meet the minimum board director requirements? There should be rules laid down around the responsibilities and duties of a person as a board member.
There are ample reasons to conduct such board assessments. As most of the work of the board is done behind the scenes, the work they do and the decisions they make have long-term effects on the organization. The stakeholders and shareholders have many things to lose by lackluster or failing boards of directors. One important issue that one can address by evaluating the board is that the board of directors does not have any current or impending conflicts of interest.
We believe that you know why we encourage board self-evaluation from time to time.
Brody Lukas is the author of this website and writes articles for a long time. To know more about board self-evaluation and CEO evaluation please visit the website.
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