Whether the organisation can be large or small , general public or individual, not-for-profit or perhaps charity, plank review has turned into a critical device for success. It gives you an opportunity to study and evaluate all areas of the table including its strategies and objectives, individual Director performance and culture. It also serves as a valuable diagnostic tool for any upcoming problems and issues.
However , it can be a time intensive and difficult method and many boards are browse around this site under pressure to produce this process simply because efficient and effective as is possible. This is where an external facilitator can be useful to support the procedure.
The Put together Code, which applies to UK Listed companies but provides a wide relevance, requires that boards tackle a formal and rigorous plank evaluation annually. Alternatively, the seat and senior sponsor may choose to use an unbiased externally caused review regularly between internal self-managed board critical reviews (usually 2 times or 3 times per year).
This evaluation can take the form of a customer survey and/or organised individual interviews. A typical customer survey will cover a number of issues, such as the strategic direction, renewal, the board conference process and quality of documentation. It will likewise explore personal development for the purpose of the individual Owners and the Chair.
The key is to ensure that you get honest and important responses from your directors. Sometimes this can be challenging if the panel is doing the assessment itself or using an in-house templated survey service. In these scenarios, the effects can be biased and are susceptible to interpretation mistakes. An independent external reviewer can provide a brand new perspective within the board and give us a call at upon wider best practice to support the review.