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The business environment and stakeholder preferences shift in a variety of ways, from subtle to dramatic. In a dynamic board environment, effective governance is essential to the long-term success of a company. There isn’t a single solution that works for all but the most effective boards use proven approaches to measure, drive and improve the efficiency of their board.
These best practices include a clearly-defined evaluation process, a board development culture, and digital tools to increase efficiency and transparency. These tools and techniques can help to assess the effectiveness of a board in its role as a fiduciary and trustee for the company, while also encouraging collaboration between all directors.
Conducting an assessment requires board members to commit their time and give honest feedback. Boards should define their goals and discuss them in the beginning. Boards can make use of a portal for directors to easily communicate information and ideas and monitor progress towards the goals.
Another crucial aspect to take into consideration is the structure and composition of the board. This includes the size and composition of the board, as well as the number of established committees as well as the frequency at which often these committees meet. Be sure that the committees are equipped to handle their workload and that the focus of each one is longer-term value drivers for the company.
The chair’s ability to facilitate productive discussions with the board and decision-making processes is also essential. This includes the chair’s communication and relationship-building skills with the board, other directors, and management. The chair should also be willing to constructive criticism of his or their leadership.
