Standardized, Automated Process Based on Governance "Best Practices"
BoardEvals provides a standardized board evaluation process that automates the entire procedure, from initial data collection through back-end data analysis and reporting. The process is based on current “best practices”, as defined by leading corporate governance authorities. However, the process is also easily customized to meet the specific needs of your organization. At a high-level, the BoardEvals process incorporates the follow steps:
- Our team works closely with your organization create your BoardEvals account. A key component of this is defining the parameters and participants involved in your specific board evaluation – board and committee members, evaluation timetable and milestones, relevant industry benchmarks, etc. Once the participants have been defined, we follow a secure, automated web-based process to register them into the account.
- Next, we work in tandem with you to design the questionnaires that will be used for your board evaluation, including the full-board, committee, and 360 degree director questionnaires. We start with a detailed set of “best practices” questions culled from corporate governance experts. Then, based on consultations with you, we can add, remove or modify questions to optimize the questionnaires for your organization.
- Our next step is to collect responses to each of your questionnaires. Email notifications are sent to each of your directors informing them that the questionnaires that apply to them are ready to be filled out. Each director logs onto their BoardEvals account, and the questionnaires requiring their attention are clearly displayed. Directors can simply point and click to enter their responses to each of the questions. To ensure the process stays on track, our system tracks director-level progress for each of the questionnaires.
- Once questionnaire responses have been collected, BoardEvals performs real-time analysis on the results. Each individual director’s responses are tabulated to develop a mean and median score for each question, while still retaining detailed, director level data.
- Once response have been collected, results are displayed in both on-screen and printable (PDF) graphical reports. The BoardEvals system enables you to easily define report access levels – which directors and outside stakeholders have access to which reports. Each of your directors can view how their responses compared to the group mean and median. At an aggregate level, your organization can view the mean score for each question, along with the responses from each individual director. One an individual-by-individual basis, you can define whether report viewers see actually director names, or whether these are left anonymous.
- The BoardEvals reports also benchmark your results along two dimensions: 1) against other companies in your industry; and 2) against your own historical results. These benchmarks allow you to track progress across time and across your industry, providing an important foundation for a continuous improvement program.