5 Elements of a Successful Board Evaluation

Having specific goals and objectives
The board should determine what they are looking to achieve. According to Boardroom Resources “goals should be agreed upon at the board level; then the nominating & governance committee should outline specific objectives, which are used to determine the appropriate evaluation format, facilitator, and frequency”.
 
Directors’ commitment
Directors should committee to the board process, because it will lead to produce new ideas that drive to new changes and improvements.
 
Effective board leadership
Board leaders should have the motives to change, and the persistence to do these new changes. According to an article published in Boardroom Resources ” this unique skill set not only underpins the board evaluation process, but also various other aspects of board governance. Boards must keep this in mind as they elect their next lead director or non-executive chairman”.
 
Follow up the results
Most companies conduct a great board evaluation yet they do not do anything with the results. The board leaders should assure “that action is taken on the evaluation results, whether that means counseling a board member directly or assigning tasks to the committees“.
Evaluation disclosure
Nowadays, shareholders require the board leaders to inform them about the board self-assess. The investors want to know “what kind of process the board has in place“.