In board meetings, major decisions are made that could be detrimental to everyone from the employees of the company to shareholders who own the shares and even the economic system. Therefore, it is essential that the board has the right mix of skills and expertise to make these crucial decisions. Regularly evaluated assessments can help ensure this.
A boardroom audit allows tables to evaluate their performance in a comprehensive manner. The review allows table members to discover aspects of longevity, weaknesses in their leadership relationships, and their culture that could affect both practical and social changes. It also ensures that those who pay for table membership are equipped to perform their job effectively.
A skilled, independent facilitator will ensure that the process is succession planning conducted smoothly and in a secure manner. This is especially important if the evaluation is being carried out by a committee, or sub-committee. The process could include reviews or interviews, and can be done in person or via video conference. Board evaluations can also provide an opportunity to introduce a new method of operation, such as an emphasis on diversity and wellbeing of employees. Or it can be a chance to shift the focus away from operational issues to strategic issues.
