Measuring board performance can be challenging, but it is essential for continuous improvement. Here are some common methods:
1. Self-assessments: Board members complete questionnaires evaluating their own performance and that of their peers. 2. External Evaluations: Independent consultants can provide an objective assessment of the board's effectiveness. 3. Key Performance Indicators (KPIs): Metrics such as meeting attendance, the number of strategic initiatives approved, and the financial performance of the company can be used to gauge effectiveness. 4. Stakeholder Feedback: Input from shareholders, employees, and other stakeholders can provide valuable insights into the board's performance.