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The effectiveness of the board’s management aspect of the board assessment process is focused on the board’s procedures to manage the agenda of the board meetings, as well as the distribution of written reports. It’s important to make sure that there clearly defined responsibilities, timelines and measurable outcomes for every item on the agenda of the board.
Another critical aspect is the ability of the board to understand and respond to business risks and issues in a timely manner. Whether it’s shareholder activism or cybersecurity, boards need to be flexible and adaptable in their approach to these changing threats.
Additionally, the ability of the board to help and inspire the CEO and top management team is crucial in helping them perform their day to daily tasks. A thorough board assessment can help to re-establish specific roles and objectives of the C-Suite and the board of directors in order to ensure that everyone works to achieve the same goal.
The Board members’ knowledge of the business goes beyond what they learn from the management. It also includes their own research into trends and economic headwinds as well as suppliers, customers, and other key stakeholder behaviour. Board members can also visit the websites and engage with management in a casual and informal manner between meetings, to get firsthand information.
The board has a well-defined and well-understood information management structure that is at sufficient details to allow informed decision making. This could include a matrices of board reports and notifications that clearly defines what matters require board oversight (mission critical) and what does not (management issues). A governance matrix that outlines the board’s role in each of these areas could be useful.