SLID, EY discuss performance of Boards of Directors

The regulation arising from the new Companies Act and the pressure on corporates to perform is creating pressure on the boards for enhanced performance. Further, there are directors who desire to fully embrace a performance evaluation process that challenges how the board, as a group of individuals works, and how it can become a high performing team.

Given the new regulations, shareholder expectations, the changing face of boards and the desire to become high performing teams it seems inevitable that board performance evaluation will become an entrenched governance practice in companies.

The extent to which boards move beyond simple self assessment on specific areas to facilitated performance evaluation designed to challenge board dynamics remains to be seen.

It is in this context that the Sri Lanka Institute of Directors (SLID) has arranged a breakfast meeting on December 02, to present and discuss the need for the evaluation of the performance of Boards of Directors.

The main presenter and resource person at this session will be Philip Rao, Partner, Ernst & Young Malaysia and the presentation will cover the need for boards to be evaluated, how such a review should be conducted? who should perform the review? what types of issues should be covered in a review? and how should information arising from a review be handled?. Philip will also discuss some aspects of the Malaysian code on corporate governance and the rules on board evaluations.

Further, he will share with the participants his experience relating to evaluation of performance of boards arising out of numerous corporate governance and enterprise risk management engagements executed in various industries.