The past few years have seen changes to boards as they adjust to the changing world. From a relentless pace of regulatory changes to the COVID-19 pandemic, geopolitical upheaval and emerging technologies board directors are discovering new ways to interact with each as well as fulfill their oversight responsibilities.
An agenda that is dynamic is crucial to ensure that board meetings are efficient and productive. The proper mix of strategic topics and management presentations will help your board achieve its goals while avoiding distractions that waste time.
A dynamic agenda for your board starts with the most important items, which will allow your team members to get to work quickly and stay focused. There is also a section called parking lot for discussions off topic that can be put off until next meeting.
When preparing for your board meetings, you should provide concise board papers and executive summaries, not long descriptions. Directors will be able to focus on the most crucial issues for a rich discussion. You might also think about adding additional information and background information to aid your board members be aware of the issues on the table. This could include market information (such as retention and acquisition rates), company financials Key performance indicators or product development milestones.
Be careful when discussing sensitive legal matters at board meetings with the company’s general counsel present. Protecting attorney-client privilege is important. It safeguards your business in the event of a lawsuit is filed against any board member.
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