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1.
A formal board evaluation process can help you: Identify
strengths and weaknesses and help make changes that can
improve value to the company’s principal stakeholders
and also extend stakeholder interaction in positioning
the company’s role in society;
2.
Continuously improve board performance and effectiveness
over time – developing both good leadership and strong
relationships, management, and ethical values;
3.
Hold directors accountable and responsible for their
performance and also ensure that performance in
financial matters, as well as non-financial matters, can
be made more rigorous, more quantitative and more
clearly relevant;
4.
Tailor the board and committee composition to best meet
corporate objectives;
5.
Better align the board with the company’s long term
sustainable growth, risk management and investment
strategies;
6.
Provide an objective method for board member
communication about its impact, performance,
expectations and responsibilities;
7.
Demystify the board process and improve board
transparency with shareholders, stakeholders and with
society; as well as with regard to capacities in the
director’s advisory, networking and fiduciary role for
decisions related to strategy, governance, outlook,
brands, customers, markets, productivity, motivation,
potential, sustainability and stakeholder dialogue; and
8.
Add credibility in the eyes of shareholders and
stakeholders, regarding the board’s functioning and
reputation.
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