eGP System

TERMS OF REFERENCE FOR BOARD EVALUATION

TIMB as part of its governance compliance requirements seeks to conduct a board evaluation to enhance the effectiveness of its board by assessing performance, identifying strengths, weaknesses, and areas of improvement for proper performance of their mandate. The Evaluation seeks to foster accountability, promote collaboration and aligns activities with strategic goals. Additionally, it highlights training needs and benchmarks against best practices, ensuring the board is well-equipped to perform its statutory functions.

SCOPE:

1. Assess the effectiveness of the board and its committees.
2. Assess the adequacy of the Board and Committee Terms of Reference as a benchmark to their efficiency against the background of best practices
3. Identifying strengths (individually and as a collective) of the Board and areas for improvement.
4. Conduct Individual board member assessments.
5. Conduct assessments of the whole board
6. Review self and peer results with Directors
7. Provide each Committee and the Board with their comprehensive results
8. Evaluation of board processes and dynamics.
9. Review of governance practices.
10. Recommendations for improvement.
11. A presentation of findings to the board.
12. The consultant shall use ICT innovations and technology in conducting the Board Evaluation.

QUALIFICATIONS AND EXPERIENCE OF THE CONSULTING FIRM

The ideal consultant should have:

Key Qualifications and Educational Background

• Advanced Degree: A Master's degree (or PhD) is generally preferred in relevant fields such as Corporate Governance, Business Administration (MBA), Law, Strategic Management, or Social Sciences.
• Certifications: Professional certifications like the Certified Management Consultant (CMC) or those from reputable bodies such as the Chartered Governance Institute UK & Ireland (CGIUKI).

Professional Experience

• Board-level Experience: Practical experience gained by sitting on boards of companies or institutions is highly valued, as it provides an insider's understanding of boardroom dynamics and challenges.
• Specific Evaluation Experience: A minimum of five years of experience in leading board evaluations, capacity building of board members, and performance management systems is typically required. Consultants should provide verifiable references or redacted reports from similar past assignments.

• Governance Expertise: A deep understanding of corporate governance structures, processes, best practices, and relevant legislation is essential for evaluating compliance and effectiveness.
• Diverse Industry Exposure: Experience with different types of entities (e.g., public, private, non-profit, government-owned) and complex board structures ensures adaptability. 

TECHNICAL PROPOSAL

• Three (3) references in similar assignments, together with names and contact details of referees.
• Attach detailed CVs of professionals.
• Clear understanding of the assignment.

FINANCIAL PROPOSAL

• Provide a clear breakdown of the financial proposal including all the chargeable taxes, terms of payment and total quote for the assignment.
• To provide a breakdown of cost per head.

CONFIDENTIALITY AND DATA PROTECTION

The consultant must adhere to Cyber & Data Protection Act Chapter [12:07] and general expectations on confidentiality