In 2016, the Board of Directors hired an independent third party to conduct an evaluation and advise it on how it can better follow best practices. Evaluations of this kind are made every two to three years and focus primarily on Board composition, how it functions, disclosures and interactions with executive management, and the composition and functioning of the Committees it creates. Board members were invited to provide input on these points during questionnaire-based interviews by an external consultant (Spencer Stuart).

In light of the focus on succession planning during 2018 and the appointment of a new CEO, the Nomination Committee considered it important to start the Board performance evaluation process in early 2019. Key areas for improvement identified and the progress that has been observed will be presented in next year’s report.

As announced, the Board of Directors launched the following evaluation process at the end of 2018.