The effectiveness of the board’s management is a critical element in board governance. A board’s effectiveness is based on several dimensions, including composition (the right balance of expertise and experience), meeting efficiency and a atmosphere of open communication, and the willingness to have real conversations, even tough ones. The more efficient a board is, the more able it will be in setting strategic direction and challenge organisational performance.
Self-assessment for board members every year ranges from a simple director questionnaire, to a more robust interview process, usually conducted by a third-party which can provide valuable insights into the board’s dynamics and overall level of board maturity. These assessments can help boards to determine how they are performing against the best practices and come up with a plan of action to improve their performance in certain areas.
A key to achieving board management effectiveness is to create a culture of collaboration that allows directors to view themselves as collaborators and not as adversaries. This can be achieved through board development training and by encouraging a regular refresher of the board, including a willingness to reconsider mandatory retirement schedules and term limits.
One way to boost efficiency between meetings is to allow directors to share information and access it through dedicated communication tools like remote votes and discussion boards. This can reduce the need to have lengthy meetings face-to-face and ensure that all tasks and action items are completed within the timeframes set by the board. Board members can use less time working on administrative tasks, and more time directing changes.
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