Staff get appraised on a regular basis, the financial accounts get audited and businesses typically carry out as a matter of course, a range of other checks.
But how often is the performance of the Board of Directors evaluated?
The UK Corporate Governance Code prescribes that listed companies should carry out an annual evaluation of the Board, its Committees, the Chair and the directors. Furthermore every three years this exercise should be externally facilitated (For FTSE 350)
We carry out this in a variety of ways:
- Online questionnaires
- One to one interviews
- Facilitating a board review away day
- Full diagnosis and analysis
As an early taster have a look at the following. How did you answer them?
- We are happy with the composition of the Board
- Meetings are well run
- Non executive directors are truly impartial and contribute meaningfully
- The Board receives an intelligent dashboard of the company’s performance
- Assumptions about our business model are regularly challenged
- All in all the Board functions well
- Our agendas have a healthy mix of operational and strategic issues
- We make decisions
- We do not shy away from difficult conversations