Institute of Directors in Ireland launches new service to evaluate the performance of company boards
Date: 20 January 2011As part of its continuing commitment to assist directors and boards in Ireland to improve their effectiveness and performance and to adhere to best practice and the latest thinking, the Institute of Directors in Ireland (IoD) has today launched a new service designed to evaluate the performance of company boards, individual directors and board committees.
The specifically designed Board Performance Evaluation Service enables businesses across all sectors to understand how well their board is performing and is of real benefit in determining and improving boardroom practices and procedures.
The customised service is available to the boards of SMEs, Plcs, regulated financial institutions, State and semi-States organisations and will assess and evaluate the performance of a company’s board in key areas including; strategy, business principles, risk management and internal control, performance and measurement, stakeholder management, board composition and boardroom practice.
Commenting on the launch of the service, Maura Quinn, Chief Executive, Institute of Directors in Ireland, said: “Undergoing a board evaluation makes sound business sense, with more and more businesses throughout Ireland now recognising that evaluating the performance of their board is a powerful investment in the future of their organisation. And increasingly, boards are asking for an external experienced assessor to conduct such evaluations, so as to ensure transparency and independence.
Using online technology created exclusively for the IoD, the Board Performance Evaluation Service offers independent and objective results and will enable organisations throughout Ireland to gain valuable insights into the effectiveness of their board.
There is a range of evaluation options available, so businesses can choose which service is best suited to their needs, from an evaluation of the overall board, to an assessment of individual directors and the performance of board committees. The results will identify the board’s strengths, pinpoint any weaknesses, highlight differences and provide recommendations for future action.
“In the current climate businesses want to ensure that their board is delivering real value and performing at an optimal level to drive shareholder value. There is also a need to be able to provide assurances to stakeholders and potential investors that their organisation is committed to the highest standards of governance and probity, particularly in light of governance failings which have emerged in recent times.
“The onus is on the chairperson and the board of directors to ensure that the board is working well. A board evaluation, carried out by an experienced external assessor, is the ideal way to identify how the board can be strengthened and improved,” said Maura Quinn.
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