Board Self-Assessment plays a crucial role in the board’s duty to evaluate and improve its performance. Boards are often tasked to review their own performance to ensure that they align their board’s skills and expertise with the company’s strategy and meet investor expectations for diversity. Boards should also conduct a thorough review at least every two years.

The process of conducting a self-assessment for the board can be daunting. It may be difficult for board members to spend time on this process, as many have never done this before. Additionally many boards struggle to find the perfect balance between the demands of their jobs and the duties of their board.

It is beneficial to engage a professional in governance for your board who can guide you through the process. The consultant will develop an assessment for the board, distribute it and take feedback on an ongoing basis. They will also examine the data and identify the most relevant insights, then bring them back to the board for discussion.

After the results have been announced the board should utilize these results to set more clear expectations for itself. This will help reduce confusion about a board member’s role and how to perform their tasks. The assessment can also help identify areas where needing additional training. It can also help to clarify expectations for directors in their personal life, which is important for those who work full-time.