Jorje
Board management effectiveness is a crucial aspect of governance for boards. The effectiveness of a board depends on several dimensions that include composition (the right balance of expertise and experience), meeting efficiency as well as the culture of open communication and the willingness to have real conversations, even difficult ones. The more effective a board is, the more competent it will be of setting the strategic direction and challenge organizational performance.
The annual self-assessment for boards could range from a simple questionnaire to an interview conducted by a third party. This will provide insight into the dynamics of the board and maturity levels. These assessments can help boards understand how their current practices are against best practice and can lead to a clear plan of action for areas in which further improvement is needed.
The most important factor in the effectiveness of board management is to create a culture that allows directors to see themselves as collaborators and not adversaries. This can be online board meetings accomplished by training on board development and by encouraging regular refreshment of the board, such as a willingness to reconsider mandatory retirement schedules or terms limits.
A great way to increase efficiency between meetings is to allow directors to share and access information via dedicated communication tools such as remote votes and discussion boards. This will reduce the time-consuming face-toface discussions and also help ensure that all action items and tasks are completed on time. Board members are able to spend less time on administrative tasks and more time driving changes.
