Do you want to serve as a Director for an amazingly effective Board? The smart folks at the Rock Center for Corporate Governance at Stanford University and The Miles Group (“TMG”) conducted research and reveals the 3 recommendations to become a great corporate board.
In summer 2016, TMG and the Rock Center for Corporate Governance at Stanford University surveyed 187 directors of public and private companies in North America to understand how they perceive the effectiveness of their boards, including its composition, leadership, and the evaluation process. The authors recommend the following to improve board functioning:
1. Conduct a diagnostic where each director’s input is solicited around a variety of critical topics:
2. Provide a detailed report of the findings. Include recommended actions based upon short-, medium-, and long-term timeframes. Develop a skills-and-experience matrix to assist with board refreshment efforts, individual director coaching plans, and feedback sessions to provide directors with more detailed feedback around their effectiveness.
3. Create a process that is as independent as possible. Identify a point person on the board accountable for managing the process and following through on its recommendations. Develop a process for removing underperforming directors
