Guest Co-Author: Cary Gray
A well-structured and operated board of directors holds immense significance for organizations of any size, whether publicly-held or privately-owned. While some may question the necessity of a board for small, privately-held organizations, the answer is unequivocally affirmative.
In this article, we explore the multifaceted role of a well-structured board in small
Your board of directors is an invaluable asset to your corporation. Well-functioning boards provide diverse experience, independent perspectives and expert oversight to guide your business in the right direction. So, it’s important to ensure your board is fulfilling its obligations by following bylaws and meeting expectations and goals.
That’s where board evaluations come in. Board evaluations measure a board’s effectiveness, help identify strengths and weaknesses, and elicit candid feedback to drive performance. Not only do evaluations keep the board on course, but they also boost transparency, promote accountability and foster investor confidence.
Conducting board assessments can be challenging, however, for companies that do not have the resources to lead an effective evaluation process. There is no one-size-fits-all evaluation model, which is why many companies choose to engage a third-party facilitator such as an advisory firm skilled in designing custom board assessments. These independent reviewers lend greater credibility to the process by being dispassionate, objective and non-confrontational.
Continue Reading Are Board Evaluations Causing You Stress? Consider A Third-Party Facilitator
Why is Gray Reed launching a new consulting business, especially at this time? The short answer is to provide business advice complementary to our legal services.
The long answer is, well, longer.
Gray Reed is first and foremost a business law firm. But by working closely with thousands of companies of all sizes over the