State Bank of India (SBI) has decided to engage the services of a consultant to carry out performance evaluation of all the Directors on the Board of the Bank, Central Board and Board Level Committees.
Currently, India’s largest bank has 13 Directors on the Central Board and 10 Board Level Committees, including Executive Committee of the Central Board, Audit Committee, Risk Management Committee, and Nomination & Remuneration Committee.
The consultant is expected to devise parameters for performance evaluation and assess the quality, quantity and timelines of flow of information between management and the board of directors that is necessary for the Central Board, Chairman, Directors (Executive and Non-executive), and Board Level Committees to effectively and reasonably perform their duties.
Prepare questionnaires
Accordingly, the consultant is required to prepare questionnaires separately for Central Board, Chairman, Executive Directors (other than Chairman), Non-Executive Directors and Board Level Committees and deploy an online platform to receive feedback.
The parameters that the consultant draws up for performance evaluation will include the aspects suggested by Nomination & Remuneration Committee of the Bank. The consultant will have one to one interaction with the Directors for evaluation and prepare a report on the performance evaluation exercise along with recommendations/views for improvement.
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