The business environment and stakeholder preferences shift in subtle to seismic ways. In this dynamic board context, effective governance is crucial to a company’s long-term success. Although there isn’t any one-size-fits all solution the most successful boards use proven strategies to measure, drive and achieve board management effectiveness.
These best practices include a clearly-defined evaluation process, a well-defined board development culture and the use of digital tools to improve efficiency and transparency. These tools and methods help assess the effectiveness of the board in its function as trustee, fiduciary and representative of the company. They also encourage collaboration among directors.
Conducting an assessment requires board members to give their time and give honest feedback. Boards should outline their goals and discuss them prior to the start of the process. Boards can use a board portal to directors to communicate information and ideas and monitor progress towards the goals.
Another important aspect to consider is the structure and composition of the board. This includes the size of the board and the number of committees that are established, along with how often these committees meet. Ensure that committees are adequately sized to manage their workload and that the primary focus of each remains on the current and future value drivers for the company.
The chair’s ability https://www.yourboardroom.net/can-board-meetings-be-held-virtually/ to facilitate productive board meetings and decision-making processes is also critical. This includes the chair’s communication and relationship-building skills with the board, other directors, and management. The chair should also be open to constructive criticism about his or his or her leadership.
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