Board analysis is an examination of the composition, structure and operations of the board. Its aim is to determine whether a board has a balance of knowledge, experience, and impartiality from within and outside to advise and monitor the management on strategy and direction. It also wants to know how a board operates as a group and whether the board is effective in supporting the CEO and contributing to the company's growth.

The best boards are characterized by a sense of trust, openness and collaboration. They are knowledgeable about the business's ecosystem and challenge management with critical questions. They are focused on the long-term health of the business and are able to spot risks and opportunities. They work with stakeholders to ensure that the board understands their vested interests, and can push for changes in corporate behavior and have an impact.

According to McKinsey's global survey of more than 800 directors and executives, the best boards include an experienced mix of non-executives (NEDs) and executives with deep understanding of the business. They have a set of rules and a framework that guide their decisions and are focused on improving effectiveness of the board.

A board review is a helpful tool that allows a board to assess its performance and provide feedback to the Chair and CEO. However there are many boards that have not made this a priority. Conducting an objective, third-party evaluation can help open the eyes board members to the possibility of mistakes and help them evolve from good to excellent.