The benefits of annual performance evaluations are clearly understood. The Board believes such evaluations can provide a valuable opportunity for recognised strengths to be highlighted and for weaknesses to be identified, thereby improving overall Board effectiveness.
The evaluation process is also seen as an important means of monitoring progress against areas previously identified for improvement, recognising any specific training requirements, and identifying areas of expertise or diversity that should be considered in succession plans.
In accordance with the UK Code, the Board undertakes a formal review of its performance each year, ensuring it is externally facilitated at least once every three years and conducted internally in the intervening years by the Chairman and the Secretary to the Board.
During 2018, the internal evaluation review was completed using a confidential online self-assessment tool. The responses were collated and provided on an anonymous basis to the Chairman. In consultation with the Secretary to the Board, a detailed report was prepared and presented at the February 2019 Board meeting.
As a result of this year’s evaluation, the Directors remain content that the Board structure, balance of skills, and operation continue to be satisfactory and appropriate for the Group.
While recognising where improvements have been made from prior years, the evaluation identified areas of focus for 2019 and some of the Board’s priorities for the year are set out below, with an overview of the progress made against prior actions.