Boards have seen a lot of change in the past couple of years as they adapt to the changing world. From a www.americanboardroom.com/what-is-board-management-software/ constant flow of regulatory changes to the COVID-19 epidemic, new technologies and geopolitical turmoil board directors are figuring out new ways to interact with each and fulfill their oversight obligations.
Making a compelling agenda is a crucial element to ensure that board meetings are productive and efficient. A well-balanced 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, allowing your team to start work quickly and stay focused. It also includes a parking lot option for bringing up off-topic discussion issues that are best left until your next meeting.
Plan your board meeting by providing short executive summaries and board papers instead of lengthy summaries. This will enable directors to concentrate their attention on the points that are crucial for a lively debate. You might want to include additional information to help your board better understand the issues. This could include market data (such as customer retention or acquisition rates) and financial information, key performance indicators or product development milestones.
Avoid discussing sensitive legal issues during board meetings if the general counsel is not present. Protecting attorney-client privilege is important. It safeguards your business in the event of the company is sued by the board member.