The business environment and stakeholder priorities shift in subtle and profound ways. In this dynamic board context, effective governance is essential for the long-term prosperity of a company. Although there isn’t any one-size-fits all solution, the most successful boards consistently apply proven approaches to drive, measure and improve the performance of their boards.

These best practices include a clearly defined evaluation process and a culture of board development, and digital tools for efficiency and transparency. These tools and techniques assist assess the effectiveness of the board in its function as trustee, fiduciary and representative of the company. They also promote collaboration between all directors.

Board members should commit their time to an assessment and give honest feedback. Boards must agree in the beginning on the goals they want to achieve for the assessment and then set aside time to discuss and agree on these goals. Boards can make use of a portal to directors to communicate information and ideas and monitor progress towards the goals.

A board’s structure and composition is yet another important area to take into evaluation. 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 they meet. It is important to ensure that committees are designed to handle their workload and that the primary focus of each remains on the longer-term value drivers for the business.

It is also essential that the chair has the ability to facilitate productive discussions and decision-making processes. This includes the chair’s communication and https://www.yourboardroom.net/can-board-meetings-be-held-virtually/ relationship-building skills with the board, other directors, and management. The chair must also be open to constructive criticism about his or her leadership.