The last few years have seen waves of change to boards as they adapt to changing circumstances. From a constant pace of regulatory changes to the COVID-19 epidemic, geopolitical upheaval and emerging technologies board directors are discovering new ways to interact with each as well as fulfill their oversight responsibilities.
Developing a dynamic agenda is essential to ensure that board meetings are efficient and productive. A well-balanced mix of strategic topics and management talks will allow your board to achieve its goals while avoiding distractions that waste time.
A dynamic board agenda begins with the most important issues and allows your team to begin quickly and stay focused. There is also a section called parking lot for discussions that are off topic that can be left until the next meeting.
When you are preparing for your board meetings, make sure you provide concise board papers and executive summaries instead of lengthy descriptions. This will allow directors to concentrate their attention on the questions which are the most crucial to a lively debate. You might want to include additional information to help your board better be aware of the issues. This could include market data (such as customer retention or acquisition rates) as well as financial data key performance indicators, or milestones for product development.
Avoid discussing sensitive legal issues at board meetings when the general counsel is not present. It is essential to protect attorney-client confidentiality. It protects your company in the event of there is a lawsuit filed against any board member.