To build a board that is efficient and valuable, it is necessary to address many issues. This includes having the right people on the board. It also involves fostering an environment that is positive, offering information that is easily accessible, streamlining processes, and conducting regular evaluations. This is not easy to achieve, and problems frequently arise. Some of these problems are easily addressed but others are more difficult. The good news is, most of these issues can be resolved.
The most frequent issue is when a board fails to establish the internal structures and processes it requires for executing its duties of assessing. This typically means establishing officers or committees who are accountable for collecting, analyzing and regularly presenting information about performance to the board.
If this isn’t completed, the board could not be able recognize its strengths and weaknesses. It could also hinder the board from taking the appropriate actions to address areas that require improvement.
Another issue is the situation when a board doesn’t follow through on its agreed-upon improvement plans. This can happen when a board is distracted by other issues and loses focus on the problems that were identified during its last review.
Boards should conduct an in-depth self-evaluation at least once per year. BoardEffect’s built in survey helps ensure accuracy and can be used as the basis for a full board assessment in the event of need. By following this process boards can ensure that they are constantly paying attention to the most crucial issues and that their collective work is a key factor in the company’s success.