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| Case Studies
|Choosing an external evaluator - key questions to ask yourself
Have they asked about your goals for the evaluation?
Is the evaluator really independent?
Are they trying to sell you a one size fits all' solution?
What's their experience in carrying out reviews?
Do they understand the boardroom?
Do they know your industry and the standards and rules that apply?
Do you feel confident that they are professional and trustworthy?
What are the deliverables at the end of the review?
What sort of action plan do they offer post review?
Reviewing your Board performance? First time you've conducted an external evaluation? Not sure where or how to start? At BP&E Global we can help make the process streamlined and productive. We are well aware that one size most definitely does not fit all and we tailor make our approach to fit you and your budget.
Most financial services firms are expected by their regulator to follow the FRC UK Corporate Governance Code requirement that firms conduct an externally facilitated evaluation of Board performance every two to three years.
In the intervening years the Board may self-evaluate, but what does this mean in practice? This often means informal conversations between the chairman and other directors or a questionnaire that irritates rather than informs action.
It's also good business sense to undertake an externally facilitated evaluation as all too often we all see what we want to see and think things are running smoothly when we either have no comparison to benchmark ourselves against or are turning a blind eye to the problems that seem insurmountable, but we have grown to live with after a length of time. A fresh pair of eyes can often deliver a new understanding and easy solution, or make us face the things we have been avoiding. How a board evaluation is undertaken to best deliver value depends on many factors.
If your firm is not only FRC, but also financial services (PRA and/or FCA) regulated then we appreciate the extra regulatory requirements involved with both involved in each firm's standards. In the insurance industry there's the additional burden of Lloyd's requirements too. To help you meet those standards and develop your Board we always agree your individual objectives with you, whether that's for a full evaluation of Board and Committees, or at the opposite end of the scale a facilitated Board Questionnaire.
Our conclusions are fully supported by evidence and we always offer practical recommendations to improve performance which have been discussed beforehand.
Check out our approach in more detail here or contact BP&E Global now to discuss your requirements, whether you'd like a full external evaluation, an externally-facilitated questionnaire, an online questionnaire or follow-up on a previous evaluation...
BP&E Global – because Board Performance Matters