Boards have witnessed a lot of change in the past few years as they adapt to the changing world. Board directors are finding ways to communicate and meet their oversight duties despite the rapid pace of regulatory change along with the COVID-19 pandemic as well as geopolitical tensions.
A well-organized agenda is vital to ensure that board meetings are productive and efficient. The proper mix of strategic topics and management talks will help your board achieve its goals while avoiding distractions that waste time.
A dynamically designed agenda for your board starts with the most important topics, allowing your team to start quickly and remain focused. It also includes a parking item to encourage discussion off-topic topics that need to wait until your next meeting.
Plan your board meetings by providing brief executive summaries and board papers instead of lengthy summaries. This will help directors concentrate on the most important issues for a full discussion. You may want to include additional information to help your board know the issues. This could include market information (such as retention or acquisition rates) and financial information, key performance indicators or milestones in product development.
Be careful when discussing sensitive legal matters at board meetings with the general counsel of the company present. The protection of attorney-client privilege is vital. It safeguards your business in the event of a lawsuit is filed against a board member.