During board meetings major decisions are made that affect everyone, from employees of the business to the shareholders who own the shares and even the economy. This is why it’s crucial that the board is competent to make these critical decisions with the best combination of knowledge and skills. Regularly scheduled evaluations can help make sure that this is the case.
A boardroom audit allows the table to assess its performance in a comprehensive manner. The evaluation allows table members to identify the advantages and disadvantages in their leadership connections and their culture that could affect both practical as well as social changes. It also helps ensure that the table members who pay for table memberships are able to perform their duties effectively.
Employing a competent independent facilitator can guarantee that the process is conducted effectively and with confidence. This is particularly important when the evaluation is carried out by a committee or sub-committee. The process can include reviews or interviews and may be conducted in person or via video conference. Board evaluations may also provide an opportunity to introduce a brand new working method, such as an emphasis on diversity and wellbeing of employees. Or, it can be a chance to shift the focus away from strategic to operational issues.
