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In order to create an effective board that performs and valuable it is important to address numerous issues. This includes having the most qualified people on the board and encouraging a positive board culture, distributing information easily, streamlining processes, and conducting regular evaluations. It’s not an easy job and there are always issues. Some of these problems are simple to solve, whereas others can be more difficult. The good news is that most of these problems are solvable.
A common problem occurs when boards fail to establish the internal structures and processes it needs for carrying out its assessment responsibilities. This typically means establishing officers or committees that are responsible for gathering information, analyzing and regularly reporting information on performance to the board.
If this isn’t done, it can cause the board to fail to recognize its strengths and weaknesses. It can also prevent the board from taking appropriate actions to address areas in need of improvement.
A board that fails to adhere to its agreed-upon improvement plans is a further issue. This could happen when a board gets distracted with other matters and loses its focus on issues that were identified during its last evaluation.
One of the most effective solutions to this problem is for boards to conduct a thorough self-evaluation at least every year. BoardEffect incorporates a survey which helps ensure accuracy. It can be used to conduct an exhaustive review of the board in the event that it is required. Through this process, boards can ensure that they are always focusing on the most important issues and that their collective work is a key factor in the company’s success.