Board Performance Evaluation by External Agency


In 2018, FENC amended the FENC Board Performance Evaluation Rules, mandating the Board performance evaluation to be performed once every three years at a minimum by an independent external agency or a team of experts and scholars. In 2023, FENC chose EY Transaction Advisory Services Inc. for the task, relying on its independent, professional and seasoned qualities, which matched FENC’s selection criteria for external agencies to carry out the performance evaluation.
The Board performance is divided into three levels: “benchmark,” “advanced” and “basic.” The Board received the rating of “advanced,” “advanced” and “benchmark” for its performance in “structure,” “people” and “process and information,” respectively. The report, completed in January 2024, was presented to the Remuneration Committee on February 26 and the Board on March 5, 2024. The results also serve reference purposes in terms of the remuneration for as well as the nomination and renewal of the Board members. The recommendations from and responses to the evaluation are listed below:
