The business environment and stakeholder preferences change in subtle to seismic ways. In such a dynamic board context, effective governance is crucial for a company’s long-term success. While there is no one-size-fits-all solution the most effective boards consistently apply proven approaches to measure, drive and improve the performance of their boards.

These best practices involve a clearly defined evaluation process, a development of the board culture and the use of digital tools to improve efficiency and transparency. These tools and techniques allow you to evaluate the effectiveness of the board in its role as trustee, fiduciary and representative of the company. They also promote collaboration between all directors.

Conducting an assessment requires board members to commit their time boardmaps software and provide honest feedback. Boards should agree at the outset on the goals of the assessment, and set aside time to discuss and align on these objectives. Boards can utilize a board portal to allow directors to easily share ideas and information, and track progress towards goals.

A board’s structure and composition is a further area of evaluation. This includes the size of a board, as well as the number of committees set up, as well as how often they meet. Ensure that committees are adequately equipped to handle their workload and that the focus of each is current and future value drivers for the company.

It is also important that the chair has the capacity to facilitate productive discussions and decision-making processes. This includes the chair’s communication and relationship-building skills with the board, other directors, and management. The chair should also be able to accept constructive criticism of his or their leadership.