Boards have experienced an array of changes over the last few years as they adjust to changing realities. Board directors are figuring out ways to communicate and carry out their oversight responsibilities in spite of the rapid pace of regulatory changes along with the COVID-19 pandemic as well as geopolitical instability.
The creation of a dynamic agenda is a crucial element to ensure that board meetings are efficient and productive. A well-balanced combination of strategic topics and management presentations can help your board meet its goals while allowing you to avoid time-wasting distractions.
A dynamic agenda for the board begins with the most important items, enabling your team members to go to work quickly and stay on task. It also includes a section called parking lot for off-topic discussions which can be put off until the next meeting.
Set up your board meeting by providing short executive summaries and board papers instead of lengthy summaries. This will allow directors to focus on the most important questions to have a thorough discussion. You might want to add additional information to help your board understand the issues. This could Going Here include market information (such as retention rates of customers and acquisition rates) and financials of the company as well as key performance indicators or product development milestones.
Be careful when discussing sensitive legal issues during board meetings without the general counsel of the company present. You must be mindful of the attorney-client privilege which shields your company from being discovered in the event of a lawsuit against a member of the board.