With the ever-increasing demand put on Companies and their boards by a multitude of stakeholders, board evaluations have become critical in driving continuous improvement in board performance. A well-executed board evaluation can help to provide real insights into how a board operates, interacts with one another and the company as a whole. A board assessment should focus on evaluating the board composition, setting and monitoring board culture, improving board practices and planning for board succession.
King V recommends that the Board of Directors, Trustees or Members of the Governing Body adopt a formal, periodic evaluation process to assess its performance, that of its committees, and its members. King V recommends that the Board of Directors, Trustees or Members of the Governing Body include evaluation and performance review processes within its annual work plan
The board evaluation process should strengthen board oversight, corporate governance and provide an opportunity for continuous development for directors and boards. With the assistance of Statucor we can turn board evaluations into something valuable.