Deriving value
The Board Evaluation process is a much more valuable opportunity than would be assumed if one regarded it merely as an imposition, or just something to be ticked off the ‘things to do’ list before moving onto important matters.
Indeed, it is driven by the need to identify and address the important matters.
Based on our broad experience in evaluations with major corporations, across numerous sectors, we summarise below a representative cross-section of the value benefits that can accrue from the Board Evaluation process:
Governance
- Current state of Board Governance maturity can be determined.
- Gaps, misalignment and risks are highlighted before they become problems.
- The Board can determine its aspirations and goals in terms of Board Governance maturity.
- It can then create an action plan to take itself there.
- Decision making is transparent.
Behaviour
- Clarification of Chairman’s role, enabling Board members to fully understand it; including the relationship between Chairman and Board, NEDs and stakeholders, together with an overview of any leadership and training issues.
- Enabling NEDs to understand their roles, and responsibilities to challenge risk management evaluation and decision taking.
- Understanding, by all parties, of the role and expectations of the SID (Senior Independent Director).
- Encouraging and enabling Board members, in terms of their responsibilities, to challenge and ensure that the right business decisions are taken for the long term well-being of the organisation.
Risk Management
- Risks of industry, business and external factors are addressed.
- Unknown risks are considered, addressed and assessed.
- Procedure to filter risks from all areas of the business to the Board.
Committees and Advisors
- The relationship, roles and responsibilities of the Board Committees are clarified.
- The composition of Board Committees is clarified and can be challenged.
- Chairman positions on Committees are in terms of Codes and Regulator requirements.
- Reporting to the Board is defined and monitored.
- Advisors are questioned and regularly assessed in a transparent manner.
- Their value is questioned and assessed regularly.
The result of the above being analysed in a non-attributed manner can define gaps in beliefs and can highlight risks. These can be addressed in interviews with external facilitators or by the members (in the internally driven years).
The process enables the Board and the business to remain focussed on performance and profitability.
This performance-driven ethos will filter throughout the business and reduce costs at all levels in all departments.
To ensure you know what value you can derive, please contact us on boardevaluations@geniusmethods.com for a “no-commitment” discussion.
Further information
Please view additional pages on Board Evaluation either via the drop down menus above on the Board Evaluation tab or click on links below:
Who should carry out a Board Evaluation?
Do do or not to do a Board Evaluation?
Evaluate your approach to a Board Evaluation
Progressive Approach to evolving Board Governance
Find out more…
Make your own assessment of our Board Evaluation
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Email us on boardevaluations@geniusmethods.com requesting access to the trial copy
or simply get in touch for an unbiased, honest view of the available, suitable options.
Quis custodiet ipsos custodes?*
(From ‘The Satires of Juvenal’)
‘Who will guard the guards themselves?’; also sometimes translated as ‘Who watches the watchmen?’
A succinct encapsulation of the true spirit of corporate governance.