Boards of directors and their committees need to be diligent in meeting their fiduciary responsibilities. A lapse in awareness, judgment, or action can prove disastrous. As the shareholders’ eyes and ears on management, the board must provide oversight to help ensure corporate objectives are met. Many governance experts agree that while board members should not be micro-managing their companies, they should ensure sufficient monitoring of management. Candela Solutions understands these dynamics and works with boards and committees to provide a healthy degree of monitoring through special reviews, controls and internal auditing.
Board and Committee Assessment Tools
While many tools exist for “evaluating” boards, most of them simply evaluate whether the organization meets basic fiduciary or regulatory requirements. Compliance with legal regulations is a must, but boards wishing to make a real difference need to set the bar even higher.
Candela Solutions offers a suite of board-evaluation tools ranging from self-administered questionnaires to anonymous surveys and facilitated sessions. Our tools assess entire boards, both statutory or advisory, individual directors, or specific committees such as audit, compensation and nominating. Our evaluations address critical success factors such as:
Governance Risk Assessments
Boards must keep a pulse of the most significant risks to the entity’s business model as well as executive management performance. Likewise, the C-Suite needs to know what risks may be hidden from view today that can cause problems tomorrow. All board members and managers with governance, risk and compliance responsibilities need to be comfortable that their governance structures and relating controls are well established and operating as designed. The proper alignment of people, process, technology, and data is essential in growing shareholder value. We pride ourselves on working with boards and management teams in providing effective solutions based on complete, accurate and timely data. Contact us to discuss how we can help.