There is an intangible aspect to successful boards that cannot be captured by curating the right CVs.
Should external board reviews serve to inform a continual process of improvement or provide an assessment of whether the board is effective?
The Chartered Governance Institute calls for firms to disclose more data on board performance reviews, including conflicts of interest.
With boards facing increasingly complex issues such as technology disruption and climate change, it is vital that board performance evaluations keep pace.
Reforms to corporate governance could require greater board evaluation, but this needn’t be a headache. Technology in the shape of an external evaluation tool can help give businesses an edge, especially in the collection and anonymisation of data.