How is the annual board self-evaluation incorporated into the institution’s operational and strategic business plan?
FCA regulation § 618.8440(a) requires that, within 30 days after the commencement of each calendar year, the board of directors of each FCS institution adopt an operational and strategic business plan (Plan) for at least the succeeding three years. Under § 618.8440(b), each institution must include in its Plan a review of the internal and external factors likely to affect the institution over the planning horizon, including an assessment of the needs of the board based on the annual self-evaluation of the board’s performance. The review must also include an assessment of management capabilities and strategies for correcting identified weaknesses. As stated in the preamble to the final governance rule (see 71 FR 5748), the regulation does not require that the business plan include the board’s self-evaluation, or a summary thereof. However, the board should document the required review and the board’s strategies for correcting identified weaknesses in background papers supporting the Pla
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