How can you use board evaluations to improve company performance?

1 Step 1: Define the purpose and scope of the evaluation

Before you start the evaluation process, you need to clarify why you are doing it and what you want to achieve. Are you looking for feedback on the board's structure, composition, skills, culture, or governance? Do you want to measure the board's contribution to the company's performance, strategy, or risk management? Do you want to compare your board with best practices or benchmarks? The answers to these questions will help you define the purpose and scope of the evaluation, and set clear and realistic objectives.

2 Step 2: Choose the method and tools of the evaluation

The next step is to decide how you will conduct the evaluation and what tools you will use. There are different methods and tools available, such as self-assessment questionnaires, interviews, surveys, observation, or external facilitation. The choice depends on your purpose, scope, budget, and time. You should also consider the confidentiality, anonymity, and validity of the data you collect. The method and tools you choose should be appropriate for your board's size, complexity, and maturity.

3 Step 3: Analyze the results and identify action points

Once you have collected the data, you need to analyze it and draw insights. You should look for patterns, trends, gaps, and discrepancies in the data, and compare them with your objectives and expectations. You should also seek feedback from the board members and other stakeholders, such as senior management, shareholders, or regulators. Based on the analysis, you should identify the strengths and areas of improvement for your board, and prioritize the action points to address them.

4 Step 4: Implement and monitor the action plan

The final step is to implement the action plan and monitor its progress and impact. You should communicate the results and action points to the board and other stakeholders, and assign roles and responsibilities for their execution. You should also establish a timeline and milestones for the action plan, and define the indicators and criteria to measure its success. You should regularly review and update the action plan, and report on its outcomes and challenges.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?