Board Evaluations, Reimagined: How to Turn a Reluctant Ritual into Strategic Renewal

By Margarita Maldonado Associate Partner & Humberto Wahrhaftig, Senior Partner

Almost every large-cap board now says it conducts an annual performance review. Yet according to research by Harvard Law School, only just over a quarter bring in an independent third party to run it. 

That gap tells you a lot about why evaluations so often feel like process, not progress. Independent facilitation raises candour and quality; relying only on internal surveys and tick-boxes rarely changes what happens in the room. 

At Page Executive, our starting belief is simple: a board review should be a strategy tool. It should improve how a board thinks, debates and decides. That is the spirit of what we call Board of Directors 4.0, a development-led, forward-looking review that prepares the board for the next three to five years, rather than judging the last twelve months.

We developed this approach to address the reality of a market where many senior board members are resistant to being assessed. By reframing the process away from evaluation and towards development, we help clients overcome a natural human hesitation and move beyond the idea that they are "the finished article".

What a high-performing board looks like today

The best evaluations don’t stop at structure and compliance. They ask a more important question: Is this board showing conscious leadership, not just sound judgment, but the human skills that make collective decisions better.

In our work across Latin America and with global groups, two things tend to set high-performing boards apart:

First, their capabilities match their strategy. We use a competency matrix to map what the company’s long-term plan demands against what the board actually brings. It’s a clear, practical way to spot gaps, whether in digital, geopolitics, decarbonisation or capital markets, and to plan ahead for refreshment or development.

Second, behaviour matters. We’ve coached directors with strong technical backgrounds whose impact improved dramatically once they changed how they asked questions, listened to other views and brought stakeholders into the conversation.

A high-performing board needs both: the right mix of experience and the power skills that help people think clearly, challenge constructively and work through complex decisions together.

Our approach: a development-led journey

A recent PwC survey found that nearly half of US directors believe at least one colleague should be replaced, and one in four believe multiple directors aren’t pulling their weight.

What causes this level of dissatisfaction? In many cases, it’s because traditional board reviews don’t go deep enough. They might check the right boxes on compliance and structure, but they often skip over how people actually work together in the room.

That’s the gap we focus on. Our approach is development-led and human from the start; not just measuring performance, but helping the board get better at the conversations and decisions that really matter.

Purpose and partnership

The process begins with establishing clear sponsorship and trust. We're typically contacted by the Chair, General Counsel, corporate affairs lead or sometimes an owner of a family business. We are explicit that the goal is not to assess people, but to improve the board's collective work for the future. For boards new to this, we start light, perhaps with just a skills matrix and compact interviews to build comfort and demonstrate value quickly.

Diagnosis and dialogue

Our approach is centred around conversations, not scorecards. We explain what will and won’t be shared and keep it simple; confidential, one-to-one, focused on how the board can work better together over the next twelve months.

We ask directors what a “good year” would look like, where things get stuck and what’s often left unsaid. That’s where the real issues emerge: formality taking over, strategy being squeezed off the agenda and voices going unheard. 

Sometimes, we also examine what happens around the meeting, including how papers are prepared and how decisions are implemented. Even the smallest tweaks there can change the whole tone of the room.

Focusing on what matters

We present our findings through five practical lenses that boards instantly recognise:

• Strategic value: Are debates and decisions timely, high-quality and robust?
• Long-term oversight: Does the board carve out time to discuss long-term risks and opportunities?
• Quality of interaction: How do individual contributions and behaviours elevate the quality of discussion and ensure psychological safety?
• Relevant competencies: Is the skills mix truly right for the strategic plan, and are risks and KPIs aligned?
• Stakeholder value: Are decisions and their trade-offs creating explicit and durable value for all stakeholders?

This process does not end with a report that sits in a drawer. We deliver a short list of owner-led commitments and practical support that sticks. The goal is to create tangible change that keeps improvement moving long after the placement, with us always close by to support whenever you need it.

What changes after a good review

A successful review is the starting point for planned renewal that strengthens the board’s long-term effectiveness and legitimacy. We aim for change that shows up at the very next meeting and builds over the year ahead.

The impact can be immediate. More than once, a general counsel has called us after a session and said, “I don’t know what you asked them, but today’s meeting was completely different.” The interviews themselves often spark that shift. When directors are asked thoughtful, confidential questions they haven’t considered before — about their role, their impact, their habits — they start to reflect and adjust straight away.

Sometimes that means a new dynamic in the room: more balanced voices and clearer framing of the challenges at hand.

Sometimes it means breaking through inertia. In one recent case in Central America, a board finally took action on long-standing issues it had been avoiding for years. And sometimes it means adding new support structures, such as pairing newer directors with experienced ones to help them prepare and speak with greater confidence.

Directors often tell us the one-to-one coaching component surprises them the most. Many have never had a dedicated space to practise how they lead in the unique context of a board; how to listen, question and influence as a peer amongst equals. We are currently coaching several directors who, after the evaluation, realised they needed to work on their emotional intelligence to navigate difficult board discussions more effectively. When we help them strengthen those skills, their impact increases immediately. 

A chair’s checklist: 5 questions to make your next board evaluation count

1. Is our purpose clear?
   Be up front about what this is for. A good evaluation isn’t about looking back,  it’s about getting the board ready for what’s next. That means linking it to the company’s long-term goals and setting a tone of improvement.
    
2. Are our leaders behind it?
   The chair and other board leaders need to support the process and frame it in a positive light. This is a chance to make a strong board stronger, not to find fault. When leaders take that view, others follow.
    
3. Will people feel safe to speak freely?
   Confidentiality is essential. If directors don’t trust the process, they won’t be honest. That’s why we recommend anonymous feedback and independent facilitation. It helps to take internal politics off the table.
    
4. Are we ready to act on what we learn?
   The real value comes from what happens after. There should be a clear action plan with owners, timelines and follow-up. If nothing changes, people won’t engage next time.
    
5. Are we open to an outside view?
   An independent perspective brings clarity, objectivity and new ideas. If that feels uncomfortable, it’s worth asking: what are you worried they might see, and what might you be missing?

João Guetter is a Brazilian board director and former senior executive (Electrolux; President, Latin America at Midea). He serves on six company boards and mentors tech startups as an investor.

If this resonates, let’s talk

If you’re a chair, general counsel, corporate affairs lead or family-office principal and you want to turn evaluation into planned renewal, we can help. We’ll start where you are (with a light-touch first cycle if that’s what’s needed!), and build a conscious leadership development plan that’s specific to your strategy, your risks and your people. To discuss how to make the board’s next twelve months the best yet, reach out to our team today.