An external, formal and comprehensive Board Evaluation should be conducted every 2 years. This is in line with Principle 9 of King IV, which recommends that a formal process. Either externally facilitated or not in accordance with methodology approved by the governing body, be followed for evaluating the performance of the governing body, its committees, its Chair and its individual members at least every 2 years.

‘Board evaluations can be a valuable experience when boards use the right tools, including the use of experienced, independent facilitators as necessary, and apply the results toward a process that improves the board’s effectiveness.’

What Is the Board Evaluation Process? – July 10th, 2018, Nicholas J. Price, Diligent Insights.

‘Boards continually need to monitor and improve their performance. This can be achieved through evaluation, which provides a powerful and valuable feedback mechanism for improving effectiveness, maximising strengths and highlighting areas for further development. The evaluation process should be objective and rigorous.’

Guidance on Board Effectiveness – Financial Reporting Council, July 2018.

‘The governing body should ensure that the evaluation of its own performance and that of its committees, its chair and its individual members, support continued improvement in its performance and effectiveness.’

Principle 9 – King IV Report on Corporate Governance, November 2016

A properly conducted board evaluation can contribute significantly to performance improvements on three levels – the organization, board and individual director level. Boards who commit to a regular evaluation process find benefits across these levels in terms of improved leadership, organizational culture, greater clarity of roles and responsibilities, improved teamwork, greater accountability, better decision-making, improved communication, board composition and more efficient board operations.

‘Reviewing  Your Board – A guide to board and director evaluation’. – AICD