Should external board reviews serve to inform a continual process of improvement or provide an assessment of whether the board is effective?
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As reported by Board Agenda last month, ICSA: The Chartered Governance Institute has published its review of the effectiveness of independent board evaluation in the listed sector, undertaken at the request of the Department of Business, Energy and Industrial Strategy (BEIS).
The use of external advisers to help boards assess their effectiveness is a well-established practice among listed companies, and increasingly in other sectors as well. Indeed, the UK Corporate Governance Code first recommended that FTSE 350 companies carry out an externally facilitated review at least every three years in 2010.
In annual reports published in 2019,
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