Board analysis is an examination of the structure, composition, and operations of the board. Its aim is to determine if the board has the proper balance of outside and inside expertise, experience, and objectivity to guide and monitor management and formulate a strategy. It also aims at understanding the way a board works as a whole and if the board is effectively supporting the CEO and contributing to the company’s success.
The best boards have an atmosphere of openness trust and cooperation. They have a good understanding of the business’s ecosystem and they are able to ask management crucial questions. They are focused on the long-term health of the company and are able of identifying risk and opportunities. They work with stakeholders to ensure that the board understands their stake in the company, make changes in corporate behavior and make a positive impact.
According to McKinsey’s 2021 global survey of more than 800 executives and directors the most effective boards comprise an experienced mix of non-executives (NEDs) and executives with a deep understanding of the business. They have a set of policies and a structure that guides their decisions and they are focused on increasing the effectiveness of the board.
A board evaluation is a valuable tool for a board’s ability to assess its performance and provide feedback to the CEO or Chair. Some boards do not are able to make this a priority. Through conducting an objective third-party review Board members can become more aware of the potential pitfalls.
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