To, on an annual basis, formally evalute the work of the Board of Directors will give you a good basis for active improvement of your Board’s Value Creating capabilities. It is of essence to early on put the emphasis on the discussion within the Board on its performance and improvements, and how to deal with the output of the evaluation. Remember to involve owners and nomination committee as well.
A Board evaluation supported by Agent A will be adapted to you Board’s and company’s situation and ambition. The evaluation is usually conducted in the following steps:
- Surveys/interviews
- Feedback and workshop with the Board of Directors
- Observations and recommendations next steps
- Improvement Plan (Board separately or with the support of Agent A)
- Feedback to Owners and Nomination Committee (if included)