One of the major responsibilities of the board and its support team is to establish whether directors meet the requirements for independence. Legally required by the US Government, the criticality of this task encouraged XCEO to establish a simpler, less time consuming way to securely complete the D&O Questionnaire process. By utilizing our secure board portal, boards can more efficiently take the D&O evaluation while also viewing the results in a meaningful final report. Additionally, when coupled with our BASE Analysis, the D&O acts as an invaluable resource for all internal and external stakeholders. Directors’ and Officers’ (D&O) independence is about far more than insurance, rather it acts as an analysis requiring thoughtfulness, precision and punctuality in order to satisfy the needs of stakeholders. Given the importance of this requirement to the board, the senior leadership team and its constituents, the often consuming process can be made more efficient and effective through the use of XCEO’s dynamic D&O product.
XCEO developed the above process while ensuring that independence evaluations remain comprehensive, secure, cost-effective and efficient. With the XCEO Directors & Officers Independence Questionnaire (D&O IQ™) Review, your organization will have access to a secure, confidential, easy to use and inexpensive solution. Likewise, the assessment of director skills and experiences is a critical part of the Proxy/governance process. With our Board Attributes, Skills and Experiences (BASE) Analysis, the board can benefit from a comprehensive and effective process. Whether BASE is utilized for future recruiting, or simply to continually evaluate the composition of the board, this one-of-a-kind analysis will certainly meet the mark.
An inherently complicated process, the capital intensive nature of a D&O can be amplified by the utilization of outdated assessment techniques. However, there are a few essential security, automation and anonymity strategies that board leadership can employ to make it an effective and easy process.