By now, most have gotten used to working through a pandemic, and most companies have settled into a routine. Despite the worldwide vaccine rollouts, the world still has a ways to go before reaching total normalcy.
Board self-evaluations are routine, with most boards performing them regularly and taking them very seriously. As the economic sands shift to a post-pandemic world, company boards need to be
prepared for these disruptive and long-term changes and thoroughly consider them during their annual evaluations.
Board self-evaluations can be opportunities to adapt the company by taking lessons learned throughout the pandemic – such as how effective employees have been at working from home and an emphasis on diversity – and applying them to the company’s corporate governance structure for the long term.
For effective and meaningful board self-evaluations, the following elements must be considered:
• The quality of monitoring and the role of risk management.
• The quality of the strategic orientations and other management-related decisions.
• The dynamics of the board of directors and the proactive participation of all members.
• The composition and diversity within the board of directors.