The Board Institute

What The Board Institute does

The Board Institute (TBI) is a privately held, founder-owned company founded in July 2002 by Susan F. Shultz and headquartered in Phoenix, Arizona. It provides independent, web-based evaluation tools designed to assess and enhance the effectiveness of corporate boards, individual committees, and individual directors. The company serves public companies, private companies, non-profit organizations, and entities with fiduciary investment committees, primarily through structured annual evaluations aligned with Sarbanes-Oxley requirements and stock exchange governance mandates.

TBI's product portfolio consists of eight trademarked evaluation instruments: The Board Index, The Audit Committee Index, The Compensation Committee Index, The Governance Committee Index, The Director Index, The Norwegian Board Index, The Fiduciary Board Index module (introduced June 2012 in collaboration with fi360, CEFEX, and Cambridge Fiduciary Services), and the TBI Protiviti Board Risk Oversight Meter (launched November 2016 in partnership with Protiviti). The underlying platform uses a proprietary small-sample methodology with 7-point Likert scales and variance indicators tuned for board-sized groups (typically under 15 respondents), capturing 70+ scientifically validated dimensions per evaluation with anonymity and confidentiality protections.

The company operates with 1–10 employees and generates revenue through annual subscription licensing of its evaluation indexes plus channel revenue from governance consulting partners. Pricing is quote-based and not publicly disclosed, with a 20% discount extended to members of the Society of Corporate Secretaries & Governance Professionals. Go-to-market combines direct enterprise sales with an extensive partner network — Protiviti (Fortune 1000 reach), CCBAS (Canadian exchanges), Visindi (Norway), and various governance consulting firms — supplemented by thought-leadership content, conference speaking, and earned media. The company is bootstrapped with no disclosed external funding, institutional investors, or M&A activity.

Name

The Board Institute

Legal name

The Board Institute Inc.

Website

https://theboardinstitute.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

The Board Institute, founded in 2002 and headquartered in Phoenix, Arizona, provides independent, web-based evaluation tools that help corporate boards, committees, and directors assess and enhance their effectiveness. Its eight-index product suite serves public companies, private companies, and non-profits, distributed through annual subscriptions and a partner channel including Protiviti, CCBAS, and Visindi.

Ownership category

akta.pro rank

Product category

Board Governance Software

NAICS

Management, Scientific, and Technical Consulting Services (5416), Other Scientific and Technical Consulting Services (54169)

akta.pro primary industry

Governance & Board Effectiveness Advisory (BPAHAFAC)

Keywords

• Board evaluation tools
• Corporate governance assessment
• Board performance surveys
• Audit committee evaluation
• Risk oversight assessment

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations

Revenue model

1. Board Evaluation Subscriptions: Annual or recurring subscriptions for access to TBI's suite of board evaluation indexes. Organizations pay for evaluation tools to assess board, committee, and director performance with benchmarking capabilities.
2. Partner Channel Revenue: Revenue generated through partnership arrangements with governance consultants and advisory firms like CCBAS who help deliver TBI evaluation solutions to clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

The Board Institute provides independent, web-based, scientifically validated evaluation tools that help corporate boards, committees, and individual directors assess, enhance, and benchmark their effectiveness. The portfolio consists of eight trademarked indexes covering board-level, audit committee, compensation committee, governance committee, director, fiduciary, risk oversight, and Norwegian market assessments. Organizations access these tools via annual subscriptions to obtain composite scores, variance analysis, anonymous commentary, and benchmarking against best practices.

Product overview

The Board Institute offers a suite of independent, web-based evaluation tools for board assessment, education, and benchmarking. The portfolio consists of eight core products: The Board Index™ (comprehensive board evaluation), The Audit Committee Index™, The Compensation Committee Index™, The Governance Committee Index™, The Director Index™, The Norwegian Board Index™ (regional variant), TBI Protiviti® Board Risk Oversight Meter™ (risk-specific assessment), and The Fiduciary Board Index™ module (add-on for investment oversight). These tools assess over 70 dimensions of board performance, provide anonymous feedback, benchmark against best practices, and deliver actionable reports to improve corporate governance.

Differentiator

Problem solved

Functional benefit

Products and services

• The Board Index™ Comprehensive board evaluation tool designed to help boards of public and private companies assess and enhance overall effectiveness by focusing on structure and composition, the role of directors, and board leadership.
• The Audit Committee Index™ Evaluation tool that helps determine how to make an Audit Committee more effective by revealing strengths and weaknesses in its structure, policies, and practices.
• The Compensation Committee Index™ Evaluation tool that helps Compensation Committees become more effective and demonstrate best practices to their constituencies and the markets.
• The Governance Committee Index™ Evaluation tool that helps Governance and Nominating Committees become more effective and demonstrate good practice to constituencies and markets.
• The Director Index™ Individual director evaluation tool designed to help directors become more effective and optimize their performance objectively, safely, and securely.
• TBI Protiviti® Board Risk Oversight Meter™ Tool that allows boards of directors to assess, improve, and benchmark the effectiveness of their risk oversight processes, enabling directors to be confident they are effectively overseeing risk. Developed in partnership with Protiviti.
• The Fiduciary Board Index™ Module Module that allows boards of directors to assess the strengths of their investment policies and highlight areas for improvement, particularly for employee retirement plan investments. Developed with fi360, CEFEX, and Cambridge Fiduciary Services.
• The Norwegian Board Index™ Board evaluation tool designed to help Norwegian boards assess and enhance effectiveness, with focus on risk management, knowledge, transparency, and accountability. Distributed through partner Visindi.

Quantifiable outcome

• 72% of directors said their boards made changes in response to the last board performance assessment (up from 49% three years earlier)
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

13 partnerships are on record, tiered core, regional and minor.

• Canadian Corporate Board Advisory Services (CCBAS)coreChannel Partner/ Reseller/ Distributor · 27 February 2020Partnership announced February 27, 2020 to leverage TBI's board evaluation solutions with CCBAS's corporate governance services for Canadian public issuers listed on Toronto Stock Exchange, TSX Venture, CSE, and NEO exchanges. Jo-Anne Archibald, CEO of CCBAS, brings governance expertise to extend TBI's solution to the Canadian market.
• ProtiviticoreStrategic or Co-development PartnerGlobal consulting firm partnership for the TBI Protiviti Board Risk Oversight Meter. Protiviti contributes deep expertise in governance, risk, and internal audit with over 70 offices in 20+ countries. Has served 60%+ of Fortune 1000 companies.
• VisindiregionalChannel Partner/ Reseller/ DistributorNorwegian executive search and leadership development firm partner for creation and distribution of The Norwegian Board Index. Visindi has ~40 employees across offices in Oslo, Trondheim, Stavanger, and Bergen.
• Society of Corporate Secretaries & Governance ProfessionalsminorGTM or Marketing PartnerProfessional association of 3,300+ governance professionals serving 1,800 public, private, and non-profit companies. TBI offers Society members a 20% discount on evaluation tools.
• Financial Executives International / Financial Executives Research Foundation (FERF)minorStrategic or Co-development PartnerLeading advocate for corporate financial management with 15,000 members. FERF identifies and develops leading-edge information through objective research for FEI members.
• fi360minorStrategic or Co-development PartnerPartner for Fiduciary Board Index development. Provides fiduciary responsibility education, AIF/AIFA designations, and web-based analytical tools for investment fiduciaries.
• CEFEXminorStrategic or Co-development PartnerIndependent global assessment and certification organization for investment fiduciaries. Partnered on Fiduciary Board Index to help firms achieve fiduciary excellence.
• Cambridge Fiduciary ServicesminorStrategic or Co-development PartnerFiduciary services firm with 26+ years experience in asset management. Founding members hold Accredited Investment Fiduciary Analyst designation from fi360.
• Board Resource ServicesminorChannel Partner/ Reseller/ DistributorBoard advisory consulting firm supporting boards with evaluation completed in partnership with TBI. Offers strategic planning and stakeholder relations mapping.
• University of Southern California, Center for Effective OrganizationsminorStrategic or Co-development PartnerLeading university-based action-research center conducting cutting-edge research on organizational effectiveness since 1979.
• SSA Executive Search InternationalcoreOthersRelated company founded by Susan Shultz in 1981, specializing in board-level executive search nationally and internationally. Leads the Global Board Practice for INAC Executive Search Worldwide in 43 countries.
• Robert C. Gross Associates LLCminorChannel Partner/ Reseller/ DistributorPartnership announced May 2012 to align independent evaluation tools with RCGA governance services in Utah region.
• The Governance Solutions GroupminorChannel Partner/ Reseller/ DistributorPartnership announced May 2012 to align independent and comprehensive evaluation tools with GSG governance consulting services.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• KPMG: Big Four firm providing governance, risk, and compliance consulting including board advisory and effectiveness reviews that overlap with TBI's enterprise customer base.
• PwC: Big Four firm offering governance, board effectiveness, and risk oversight advisory services that compete with TBI across enterprise clients in regulated industries.
• Deloitte: Big Four firm providing governance, risk, and board advisory services including board effectiveness reviews and governance benchmarking as part of broader risk advisory engagements.
• National Association of Corporate Directors (NACD): Non-profit member organization advancing board governance best practices with educational programs, board evaluations, and director credentialing that overlap with TBI's governance advisory mission.

Direct peers

• Korn Ferry: Organizational consulting firm with a Board and CEO Services practice providing board effectiveness assessments, governance advisory, and director evaluation tools that overlap directly with TBI's product suite.
• Spencer Stuart: Executive search and board advisory firm with a dedicated Board Practice offering director effectiveness reviews, governance assessments, and benchmarking similar to TBI's value proposition.
• Heidrick & Struggles: Global leadership advisory firm with a Board of Directors practice that includes board effectiveness reviews, governance assessments, and benchmarking comparable to TBI's offering.
• Protiviti: Global consulting firm providing risk, internal audit, and governance advisory; both a strategic partner (co-developed the Board Risk Oversight Meter) and a competitor offering broader board and risk oversight services to large enterprises.

Emerging players

• ISS (Institutional Shareholder Services): Governance data, analytics, and advisory firm (including the Glass Lewis brand) that serves corporate boards with governance assessments, benchmarking, and proxy research, partially overlapping TBI's evaluation and benchmarking capabilities.
• Equilar: Board intelligence and governance data platform serving public company boards with analytics, benchmarking, and director data that complements and partially overlaps with TBI's board evaluation and benchmarking tools.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/board_institute
• LinkedInlinkedin.com/company/the-board-institute

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Board Institute