HOW DOES YOUR BOARD MEASURE UP?

Many bank boards are seeking change to keep pace with today's challenging environment. Setting the stage for change and initiating it in a positive way can be tricky. Self-assessments of the board and directors have become a common practice. When done properly, they support continuous improveme...

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Bibliographic Details
Published in:Illinois Banker 2010-09, Vol.95 (8), p.10
Main Author: Bean, Jim
Format: Article
Language:English
Subjects:
Appointments & personnel changes
Banks
Boards of directors
Self evaluation
Online Access:Get full text
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Summary:Many bank boards are seeking change to keep pace with today's challenging environment. Setting the stage for change and initiating it in a positive way can be tricky. Self-assessments of the board and directors have become a common practice. When done properly, they support continuous improvement of the board, which gives the bank a significant competitive edge. Assessments also provide a non-threatening way to address common challenges such as right-sizing the board and proactive planning for the replacement of directors. Here are five keys to success when conducting board assessments: 1. Focus. 2. Assessment questions should be designed to clear and objective. 3. Standardize. 4. Candor is critical to successfully identifying problems from the directors' perspective. 5. Having an experienced facilitator who is impartial will increase the likelihood of positive change.
ISSN:0019-185X