Why perform a board assessment?
The roles and tasks of the board of directors are changing and the boards of leading companies are now actively involved in developing strategies and plans, as well as setting the framework for the company’s activities and maintaining an overview. The board of directors’ responsibilities and roles are clarified in legislation as well as guidelines such as those provided by the Norwegian Corporate Governance Board (NUES).
Evaluating the board of directors
These factors mean that the board must have broad and in-depth expertise that enables it to address the challenges the company encounters. BackerSkeie has broad experience of assessing how a board of directors functions.
The following are important factors to address in this process:
- Does the composition of the board comply with the company’s strategy?
- How should the board work more efficiently to achieve better results?
- How robust is your board compared to the boards of your competitors?
- Can the board effectively support international growth, acquisitions or a stock exchange listing?
How does a board assessment process take place?
The board should perform an annual self-assessment to assess its composition and the work it performs. BackerSkeie has a unique assessment tool that assists boards with such assessments.
BackerSkeie can also perform a more thorough assessment of the board’s composition, tasks and responsibilities, in addition to processes and culture relating to the strategic challenges the company encounters. Such a process requires interviews with each board member and will be summarized in a report highlighting any knowledge gaps and recommended improvement measures.
Assessment before a recruitment
BackerSkeie recommend that companies conduct a board assessment before a board recruitment. Read more about BackerSkeie’s approach to board recruitment here.
Are you in need of a board assessment?
Contact one of our experienced consultants to find out how we can help you.