Magazine : Archives : 2nd Quarter 2006

Time For Reflection

Board members at San Francisco-based Wells Fargo & Co. have always relied on annual reviews to help measure the bank's performance and identify critical deficiencies within the financial institution. So when the New York Stock Exchange (NYSE) introduced self-evaluation guidelines in 2004, the bank's CEO says board members had no hang-ups about complying with a mandate they considered part of the bank's corporate governance plan. "We've always done board evaluations at Wells Fargo because it just makes sense," says Dick Kovacevich, chairman and chief executive officer at the country's fifth-largest bank. The premise behind self-evaluations—a checks-and-balances system intended to bolster...