Boards have experienced a lot of change in the last couple of years as they adapt to the changing world. From a constant flow of regulatory changes to the COVID-19 pandemic new technologies and geopolitical turmoil, board directors are finding new ways to interact with each as well as fulfill their oversight responsibility.
A well-organized agenda is crucial to ensure that board meetings are efficient and productive. A well-balanced mix of management and strategic topics presentations can help your board reach its goals while allowing you to eliminate distractions that waste time.
A well-organized agenda for the board begins with the most important topics which allows your team to start quickly and remain focused. There is also a section called parking lot for off-topic discussions which can be put off until the next meeting.
When preparing your board meetings, make sure you provide concise board papers and executive summaries, not long descriptions. This will enable directors to focus their attention on the questions that are most important for an effective debate. You may want to include additional information to help your board better comprehend the issues. This could include market data (such as retention rates for customers and acquisition rates) and financials of the company and key performance indicators or milestones in the development of products.
Avoid discussing sensitive legal issues at board meetings if the general counsel is not present. Be aware of the attorney-client privilege, which protects the business from discovery in the event of lawsuits against members of the board.
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