Boards have experienced an array of changes over the past couple of years as they adapt to changing realities. Board directors are discovering ways to communicate and meet their oversight responsibilities despite the rapid pace of regulatory change as well as the COVID-19 epidemic and the political turmoil in the world.
Making a compelling agenda is an essential element to ensure that board meetings are both productive and efficient. The right mix of managerial and strategic topics will assist your board in achieving its goals while avoiding distractions that waste time.
A dynamic agenda for your board starts with the most important items, enabling your team members to go to work quickly and stay on track. It also includes an item called parking lot for off-topic discussions that can wait until the next meeting.
When preparing for your board meetings, make sure you provide concise board papers and executive summaries instead of lengthy descriptions. This will help directors focus on the most crucial issues to have a thorough discussion. You might also consider including additional information and background information to aid your board members know the issues that are on the table. This could include market information (such as customer retention and acquisition rates), company financials and key performance indicators or product development milestones.
Avoid discussing sensitive legal issues during board meetings when the general counsel is not present. You must be mindful of the attorney-client privilege, which shields the company from discovery in the case of lawsuits against members of the board.