The last few years have seen waves of change to boards as they adjust to the new circumstances. Board directors are discovering ways to communicate and fulfill their oversight responsibilities despite rapid pace of regulatory change along with the COVID-19 pandemic as well as geopolitical turmoil.
Developing a dynamic agenda is a critical component to ensuring that board meetings are efficient and productive. The proper mix of the management and strategic topics will assist your board in achieving its objectives while avoiding unnecessary distractions.
A lively agenda for your board begins with the most important topics, allowing your team to start quickly and stay focused. It also includes a parking item for pushing off-topic discussion topics that need to wait until the next meeting.
Prepare your board meetings by providing concise executive summaries and papers for board meetings instead of lengthy explanations. This will help directors focus on the most important questions for a robust discussion. You might also think about adding additional information and background to aid your board members comprehend the issues at the table. This could include market data (such as retention rates of customers and acquisition rates) and financials of the company as well as key performance indicators or milestones in product development.
Be careful when discussing sensitive legal issues at board meetings without the general counsel of the company present. You must be mindful of the attorney-client privilege which protects the business from being discovered in the event of lawsuits against members of the board.