The past few years have brought waves of change for boards as they adapt to the new circumstances. Board directors are discovering ways to communicate and carry out their oversight duties despite the 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 ensure that board meetings are both productive and efficient. A well-balanced combination of management topics and strategic presentations can assist your board in achieving its goals, while allowing you to stay clear of distractions that can take up your time.
A dynamic agenda for your board starts with the most important items that allow your team members to get to work quickly and stay focused. Also included is a feature called parking lot for discussions that are off topic that can be put off until next meeting.
When you are preparing for your board meetings, make sure you provide brief executive summaries instead of how to run a board of directors meeting lengthy descriptions. This will allow directors to focus their attention on the points that are crucial for an effective debate. You might also think about adding additional information and background to help your board members better know the issues that are on the table. This could include market information (such as retention and acquisition rates) or financial statements of the company, key performance indicators, or milestones in the development of products.
Avoid discussing sensitive legal issues in board meetings when the general counsel is not present. Be aware of preserving attorney-client privilege which protects the company from being discovered in the event of lawsuits against members of the board.