Bank of Baroda, which has become the country's second largest bank by merging Vijaya Bank and Dena Bank with itself, will undertake evaluation of its board and has invited bids from consultancy firms by early-May.
Bank of BarodaNSE 1.90 % (BoB) seeks to appoint an advisory firm for 'Review of Board Evaluation', the public sector bank said in a request for proposal (RFP) document. "Bank of Baroda has decided to engage a consultancy firm to conduct an independent review of the overall evaluation and effectiveness of the bank's board. The review would provide an opportunity to align and prioritise the board's focus on critical issues," the RFP said.
BoB said the outcome of the review would also help it enhance the board's overall effectiveness through improved dynamics and strengthened processes. Enlisting the tasks for the consultancy firm, the lender said it will have to conduct in-depth interviews with individual board members through in-person meetings, analyse findings and share preliminary feedback with select members of the board and to conduct a board alignment workshop.