At the IoD we recognise the importance of Board Evaluation, not only as it constitutes good governance as defined in the Combined Code but it can be a valuable process in improving board performance whatever the size, status or type of organisation.
The process of evaluating a board and the performance of its directors can be time-consuming and costly and any evaluation should be appropriate to the size and scope of the organisation. For this reason we have put together a suite of online tools designed to make your board evaluation easier without the need for external intervention.
The IoD Board Evaluation Toolkit will enable you to evaluate all aspects of your board in a time-efficient and cost-effective way. It consists of online assessments for the board as a whole and for individual directors.
The Board Governance Analysis enables a board to take a snapshot of how it is currently operating in key areas including strategy, business principles, internal controls, risk management, performance management, boardroom activity and board committees (where appropriate) and the role of the board members, including the Chairman.
Each member of the board will receive a questionnaire that enables them to assess the performance of the board against key criteria. All responses remain anonymous and individual board members will not be identified at any stage of the process. The results are provided in an analytical report which will show a summary of the feedback received, enabling a board to improve its effectiveness by identifying areas of strength as well as focussing on areas for development.
Stage One: Complete online questionnaire and receive written report Fee: £3000 Member fee: £2700 (for boards of up to 20 members)
Stage Two (optional): Qualitative analysis of results and telephone feedback from an IoD Board Evaluation specialist. Fee: Stage One fee plus £1500
Stage Three (optional): Individual board consultancy based on an organisation's specific requirements. Fee: dependant upon board size and requirement
Shortfalls in a board's knowledge of corporate governance, finance and strategy can potentially leave individuals, the board and the organisation exposed to risk as well as affecting the organisation's ability to perform. The Director's Knowledge Assessment enables a board to take a snap-shot of its members' knowledge in these key areas. It will allow the board to see where the potential knowledge gaps exist and enable it to plan future development.
Directors complete the assessment confidentially on an individual basis. The results are presented collectively, allowing the board to identify where there are potential areas for development across the director's knowledge base.
The results are benchmarked against our knowledge bank containing comparable results for directors across a range of sectors.
View a sample Board Knowledge Indicator Report
Stage one: Complete online assessment and receive written report. Fee: £2000 Member fee: £1800 (for boards of up to 20 members)
Stage two (optional): Specialist support is available to provide additional analysis and feedback on results.
This tool enables you as a director to gain a clear understanding of how you are perceived in the eyes of your peers, key reports and manager (all of whom complete the questions on a confidential basis). This will then provide the opportunity to benchmark against your own self-assessment. The IoD's 360 assessment focuses on a range of areas and assesses perceptions around your contributions as a director in areas such as: strategic perspective, decision making, analysis and use of information, communication, interaction with others and achievement of results.
To complete the assessment you and your colleagues will complete an online questionnaire and you will then receive a written report. This will be followed by a two hour session with a specialist IoD Executive Coach to review the findings.
Fee: £1200 (including 2 hours of Executive Coaching) Member fee: £995 (including 2 hours of Executive Coaching)
We have put together the following document to give you an outline of the board evaluation process and its importance.
View the Board Evaluation Outline PDF