The information included in board packs drives the key decisions board members will make. Too much information risks overloading board members' precious time and resources, while too little risks withholding information necessary to make the calls that keep a firm on track. So what documents do you need to include for board meetings?
What follows are some best practices to help you prepare successfully for your next board meeting.
Board Pack Overview
The bulk of board meeting documents are compiled into a board pack, which serves as the main source of information for board members prior to a board meeting as well as during a board meeting. According to the Effective Governance firm, an advisory organization, board packs generally include the following key documents: Agenda: The agenda provides an overview of what will be discussed at the board meeting. Agendas should confirm the purpose of the meeting, outline specific topics for discussion and review previous agendas to address any necessary follow-up. Agendas should be sent to board directors at least two weeks before the board meeting. Board directors are busy, and this helps ensure they have time to review the agenda for the upcoming meeting. Previous board meeting minutes: It's important to review what was discussed in previous meetings and what is the current outcome or status. Our article, Board Meeting Minutes Template & Step by Step Guide, offers insight into making the most of your minutes and maximizing meeting productivity. Documentation: This is the heart of the board pack, the information that guides board discussion and decision-making. Documentation can include:- Company strategy
- Performance information via financial, human resources and management reports
- Approved budgets
- Committee reports
- Status of action items
- Program highlights for the year to date
- Board roles and responsibilities
- Copy of the organization's bylaws
- Human resources updates
- A statement of financial position
- A statement of activities
- Cash flow forecast
- Actual results compared to budget
- Operational figures
Making the Digital Switch
Compiling a massive number of documents and shipping them to board directors is the traditional method of distributing paper board packs. Some board packs may be distributed via email. However, what happens if a last-minute document or change is needed? How are boards of directors to maintain version control? Finally, some board members may forget to bring their board packs to the meeting. Digital board portals can help streamline communication, maintain version control with the most updated materials, reduce mailing and printing costs, collate information, and ease the time and work burden of staff. Benefits of Using a Board Portal on the Diligent blog offers more insights and tips.Media Highlights
Environmental, social and governance (ESG) issues have become more complex and multifaceted than ever before. At the same time, ESG continues to ascend on board and leadership agendas.
In this buyer’s guide, we explore what a market-leading ESG solution should look like and highlight the key areas organisations should be prioritising as they embark on their search.