The last few years have seen changes to boards as they adjust to the new circumstances. From a constant pace of regulatory changes to the COVID-19 pandemic new technologies and geopolitical turmoil board directors are seeking new ways to communicate with one as well as fulfill their oversight responsibilities.
Developing a dynamic agenda is a critical component to ensure that board meetings are efficient and productive. The right mix between strategic topics and management talks can help your board reach its goals while avoiding distractions that waste time.
A dynamic agenda for the board begins with the most important items, which will allow your team to get to work quickly and stay on track. It also includes an item called parking lot for discussions that are off topic that can be put off until next meeting.
Set up your board meeting by providing short board papers and executive summary instead of lengthy explanations. This will allow directors to focus on the most crucial issues for a rich discussion. It is possible to include additional information to help your board better know the issues. This could include market data (such as retention rates or acquisition rates), financial data important performance indicators or milestones in product development.
Avoid discussing sensitive legal issues at board meetings when the general counsel is not present. You must be mindful of preserving attorney-client privilege which shields your company from being discovered in the event of lawsuits against members of the board.
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