The past few years have brought changes to boards as they adapt to new realities. Board directors are figuring out ways to communicate and carry out their oversight responsibilities in spite of the rapid pace of regulatory change, the COVID-19 pandemic and geopolitical instability.
A dynamic agenda is a crucial element to ensure that board meetings are efficient and productive. A well-balanced mix of the management and strategic topics will allow your board to achieve its www.americanboardroom.com/why-board-of-directors-meeting-attendance-matters/ objectives while avoiding unnecessary distractions.
A dynamic agenda for your board starts with the most important items that allow your team to start work quickly and stay on track. It also includes a parking item for pushing off-topic discussion subjects that should be left to your next meeting.
When preparing your board meetings, you should provide concise board papers and executive summaries rather than long descriptions. This will allow directors to focus on the most important issues to have a thorough discussion. It is possible to include additional information to help your board better comprehend the issues. This could include market information (such as retention rates for customers and acquisition rates) or financial statements of the company and key performance indicators or milestones for product development.
Be cautious when discussing sensitive legal issues in board meetings without the company’s general counsel present. Protecting attorney-client privilege is important. It safeguards your business in the event that a lawsuit is filed against an individual board member.
