Revisions to the Codes of Practice in March 2018 included a new requirement that all aspects of a registered person’s corporate governance arrangements be subject to regular review. Further, a periodic self-assessment, or external assessment, of the board’s effectiveness was identified as a key part of this process.
Whilst many boards are likely to conduct a self-assessment in order to demonstrate compliance, Cyan would question the wisdom of adopting such an approach. Yes, it is true, a self-assessment may satisfy a regulatory requirement; however, the extent to which it adds genuine value, as an objective and balanced test, is another matter.
For businesses that are seeking to derive maximum benefit from this exercise, Cyan has developed a review format that is comprehensive, collaborative and non-intrusive. Our assessments are cost effective and can be tailored to meet your specific requirements. Typically, they will take account of the following areas:
Board composition and structure
Board strategy and objectives
Conduct of meetings
Board packs and minutes
Communications with stakeholders
A survey of directors and senior management opinions
If you would like to find out more about how Cyan may be able to assist, please contact us to arrange a free meeting.