Given the Board’s key role in setting the strategic vision of your organisation and monitoring of management, small improvements in the Board’s performance can have a profoundly positive impact on the effectiveness of the organisation.
A Board review allows the directors time for self-reflection and is the most effective means for identifying areas for improving performance:
- Check on progress against organisational mission and objectives
- Provides accountability to members, shareholders or key stakeholders
- Highlights the Board’s achievements
- Identifies areas for Board improvement
- Sets a top-down approach in Performance Evaluation and continuous improvement
- Determines benchmarks for measuring Board Performance in the coming year
- Enables more effective group dynamics in the Boardroom.
Our framework for Board reviews is aligned to the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations and similar leading practice guidelines.
The Ferris approach provides a forum for Directors to reflect candidly on how well the Board is meeting its responsibilities. It ensures the process creates a positive outcome for the Board, by enabling honest reflection and avoiding the perception that personal performance is being assessed. The design of the evaluation is critical to the process.
We strive to design the appropriate methodology tailored to your organisation and provide a variety of data gathering options. Choices include questionnaires, interviews and documentation review.
Your review process can be extended to include a review of Board committees, or an individual Director performance assessments (self and peer).
Questionnaires are administered in an easy-to-use online evaluation tool, or can be done on paper. They offer Boards an opportunity to assess their performance in a non-threatening and cost-effective way.
REPORTING AND OUTCOMES
Our Board review findings report assists the Board to identify where they are performing well or where further discussion, decision and action is required on Board performance. A Board workshop, to confidentially review the outcome, enables participants to give full and frank insights and provide useful feedback and an action schedule facilitating ongoing improvements and performance benchmarks of the Board’s progress
The selection and appointment of Directors is one area where mistakes are often made in Board establishment. It is especially important for new Boards to ensure governance experience is included along with financial, legal and industry expertise.
By engaging Ferris Management Consultants you’ll ensure your Board will have both the necessary and desirable competencies across your Directors. In establishing a governance framework, Ferris will also include a process for regularly reviewing the Board’s capability requirements, ensuring your Board can develop and evolve in line with your business requirements.
Effective Boards recognise the importance of sound corporate governance, the quality of expertise, and the contribution of Directors to the business. Recent well-publicised events and regulatory changes have created the need for a professional approach to the sourcing and appointment of Directors for public and private sector organizations. Ferris Management Consultants can provide your organisation with the right expertise in the restructuring of, assessment and recruitment for your Board.