http://www.boardroompro.net/managing-conflict-of-interest-at-board-level-4-things-to-know/
To build a board that is efficient and adds value, it is necessary to address many issues. This includes having the right people on the board and encouraging a positive board culture, providing accessible information, streamlining processes, and conducting regular evaluations. It’s not an easy task and there are many issues. Some of these problems are simple to solve, whereas others are more difficult. The good news is that most of these problems are solvable.
A common issue occurs when boards fail to establish the internal structures and processes it requires for executing its assessment responsibilities. This usually involves the establishment of officers and committees who are responsible to gather, analyze and regularly present performance data to the Board.
If this isn’t done, the board may not be able identify its strengths and weaknesses. It may also prevent the board from taking the necessary actions to address areas that require improvement.
A board that does not follow through on its agreed-upon improvement plans is a further issue. This can happen if the board is distracted by other issues and loses focus on what was previously identified in its previous assessment.
Boards should conduct an in-depth evaluation of themselves at least once per year. BoardEffect’s built-in surveys help ensure accuracy and can be used as a basis for a full board assessment in the event of need. By following this process boards can ensure that they are constantly focusing on the most important issues and that their work is a key factor in the company’s success.
