The effectiveness of the board’s management is an important element of governance for boards. A board’s effectiveness is based on multiple aspects such as composition (the right balance of expertise and experience) and meeting efficiency as well as the openness of communication culture and the willingness to engage in real conversations, even difficult ones. The more effective a Board is, the better it can establish strategic direction and challenge performance of an organisation.
The annual self-assessment of the board can range from simple director questionnaires to an intensive interviewing process, usually performed by a third party which can provide insight into the board’s dynamics and the https://www.yourboardroom.net/can-board-meetings-be-held-virtually/ overall level of maturity of the board. These assessments aid boards in understanding how their current practices stack up against best practices and can result in a clear plan of action for areas where further improvement is required.
The key to getting board management effectiveness is to create a culture of collaboration which allows directors to view themselves as collaborators, not adversaries. This can be accomplished through training for board members and by encouraging regular refreshment of the board, which includes a willingness to reconsider the mandatory retirement schedules or term limits.
One way to boost efficiency between meetings is to allow directors to share information and access it using dedicated communication tools, such as discussion boards and remote voting. This can reduce the necessity for lengthy meetings face-to-face and ensure that each action item and task are completed in time. As a result, board members will spend less time in administrative tasks and spend more time driving forward with the process of change.
