The Board of Directors is ultimately responsible and accountable for the organization as a whole. It is charged with making decisions and monitoring organizational performance on behalf of its key stakeholders. The Board is also self-responsible and accountable "unit of the organization". Here it is charged with monitoring and improving its own performance and contribution to the organization.
It is good governance practice for boards to conduct an annual evaluation of their governing practices and standards. The annual evaluation provides a timely and practical opportunity to:
- orient / reorient directors to the board’s governance framework, principles, policies and practices
- educate directors about the board’s expectations for governing and contributing together
- measure the board’s progress towards important governance goals and identify gaps worth addressing in the coming year
- engage board members in an objective and robust dialogue about board effectiveness
- plan what, how and when the board will evolve its governance practices and systems
- develop the capability and capacity of the board and its directors to contribute fully and appropriately to the achievement of the organization’s mission
This good governance practice is enhanced when accompanied with credible, objective and external perspectives and proven development tools.