Board evaluations are a formal method designed to facilitate board development and foster communications among directors and between the board and management on issues such as corporate strategy, board composition, board processes and the appropriate role of the board of directors in a company’s overall management scheme. Board evaluations, when completed properly, should identify areas of strength and weakness, leading companies to make marked changes that positively impact shareholder value.
At Foley’s sixth annual National Directors Institute on March 8, 2007 in Chicago, “Effective Board Evaluations” was a featured breakout session. Moderated by Jessica Allen, Foley & Lardner LLP, and Madeleine Condit, senior client partner, Korn/Ferry International, the panelists included Warren Batts, former CEO of Tupperware and Premark International Inc., chairman of the board, Methode Electronics, Inc., and adjunct professor at The University of Chicago; Jon Chait, chairman and CEO, Hudson Highland Group, Inc.; Mary Hill Leahy, senior vice president, general counsel and chief compliance officer, Journal Communications, Inc.; and John Zecca, vice president, MarketWatch, and head of market regulation, Nasdaq Stock Market.
