Reviewing your Board performance? First time you’ve conducted an external evaluation? Not sure where or how to start? At FSTP Global we can help make it easier for you to review your Board.
Following the release of the new FRC UK Corporate Governance Code requirement that FTSE 350 firms conduct an externally facilitated evaluation of Board performance every two to three years the FSA (and now the PRA and FCA) has taken it as read that all financial services firms should do the same. It is expected and often requested as part of an ARROW visit or Supervisor’s report.
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 process designed by the chairman and company secretary and administered by both, which can be time consuming and may not be as forthcoming as an evaluation that is entirely independent.
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 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.
We work primarily within financial services, the FTSE 350, and regulation. We understand the FRC UK Corporate Governance Code, financial services and regulation as our people all have a long financial services industry and regulatory background. As a first step why not call us to discuss the options and what you hope to achieve.
How we conduct performance reviews and evaluations
We pay particular attention to those issues that have come to the fore through the various reviews that have followed the global economic crisis:
We agree your individual ojectives for the Board Review with you before we commence work on your Board Evaluation.
Our Methodolgy
Once we’ve agreed your objectives with you we conduct our evaluations in three phases, which typically include:
Your Board evaluation has to be meaningful to you or we haven’t done our job properly in supporting you to create a more effective Board.
This post was last modified on 24.01.2019 06:31
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