Boards have experienced an array of changes over the last few years as they have to adjust to the changing world. From a relentless pace of regulatory changes to the COVID-19 epidemic, geopolitical upheaval and emerging technologies board directors are discovering new ways to interact with each other and execute their oversight responsibility.
An agenda that is dynamic is crucial to ensure that board meetings americanboardroom.com/what-is-board-management-software are productive and efficient. The right mix between strategic topics and management talks will allow your board to achieve its objectives while avoiding unnecessary distractions.
A well-organized agenda for the board begins with the most important topics which allows your team to get started quickly and stay focused. It also includes a parking lot item to encourage discussion off-topic issues that are best left until your next meeting.
Prepare your board meetings by providing brief executive summaries and board papers instead of lengthy descriptions. This will enable directors to focus their attention on the points that are essential for a lively debate. It is also a good idea to consider including additional information and background information to aid your board members know the issues that are on the table. This could include market data (such as retention rates or acquisition rates) as well as financial data key performance indicators, or milestones in product development.
Be cautious when discussing sensitive legal issues during board meetings without the company’s general counsel present. The attorney-client privilege is crucial to protect. It safeguards your business in the event of the company is sued by an individual board member.