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board evaluation
"It’s time for some fundamentally new think- ing about how corporate boards should operate and be evaluated. We need to
consider not only how we structure the work of a board but also how we man- age the social system a board actually is."
Jeffrey Sonnenfeld
What makes great boards great
Board evaluation is mandatory (in the ‘comply or explain’ sense) for all large listed firms. It will gain increasing momentum in the government sector. Anyone will avoid like the plague. They shouldn’t. But you have to select your evaluator with considerable care.
Many boards are not as effective as they could or should be. An external evaluation has to recognise the constraints under which the board is operating and propose real enhancements that will improve board operation and reach. Boards are only as effective as their chairmanship, executive support, executive engagement and information flows will allow them to be. Understanding these is the key to meaningful evaluation of a board’s potential and constraints. Box-ticking or on-line voting on performance are simply a waste of time.
Board performance is too important not to take seriously and approach professionally. We have a robust method of evaluation that covers all areas of board and executive activity in relation to board performance and support. We only report our findings after thorough briefing and feedback to the chairman and committee chairmen and CEO. And our reports are brief. We are not just a tick in a box.
If you want a real, meaningful and insightful evaluation that will help your board and executive to improve board performance and provide sensible and discreet reporting to stakeholders, we can help. If you want to tick the box, call someone else.
BUSINESS MODEL REVIEW
RISK SYSTEM EVALUATION
INTERNAL CONTROL EVALUATION
In March 2011, the FRC issued guidance on board evaluation to back up its periodic review requirement.
Well, it certainly isn't compliance. Yale professor and Dean of the CEO Institute Jeffrey Sonnenfeld offers his prescription.
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