All important events coming up on the board in the near future are discussed in a board meeting. In this article, we have summarized helpful tips about the process and the preparation for the meeting.
Board meetings in a new reality
The development of digital abilities is not aimed at making board members experienced digital professionals. Instead, the goal is for them to understand how digital technologies are changing businesses and corporate governance. Thus, jointly developed and formulated objectives and a work program are fundamental to a good cooperation on the executive board. The board meetings’ workload and dates are planned well in advance for the whole year.
5 Steps to organize an efficient board meeting
The board meeting runs according to a particular pattern. We have summarized 5 essential points you should pay attention to:
- Invitation to the board meeting. The timely invitation with the topics to be discussed is the cornerstone of every board meeting so the board members can prepare accordingly.
- Distribute roles. If the board consists of only one board member, there is no rule as to how decisions will be made. If the board of directors consists of several board members, you should comply with the legal requirements unless your articles of association specify otherwise. A clear division of tasks is therefore of crucial importance.
- Discuss agenda items. Once the organizational points have been settled, the thematic board meeting begins. Now you discuss your agenda topic by topic and discuss important decisions. Assigning a responsible person to each agenda item and distributing additional tasks or procedures as appropriate.
- Define discussion culture. At the beginning of your board meeting, determine your discussion culture and, if necessary, agree on certain communication rules.
- Record results. Record all results of your board meeting in the minutes. Important resolutions should be documented separately (not just in the minutes) to make them transparent for club members and volunteers. Confidential information from the protocol should not go public.
Boardroom solution: how to organize a productive board meeting?
The main priority for developing corporate-wide risk management and internal control system is the integration of risk management practices into the processes of making strategic and operational management decisions. This task is solved comprehensively and in conjunction with the implementation of the projects of the business transformation program and is synchronized with the deployment of the board portals in the perimeter of the corporate information structure.
The board software is a cloud-based solution that helps set up a secure data repository, file-sharing, and well-structured collaborative environment for the board’s activity. The use of the service allows you to speed up and simplify the procedure for holding a meeting, increase communication efficiency between meeting participants and reduce the risk of a lack of a quorum. The main work on building an effective internal control system is carried out as part of the implementation of the board software and includes maintaining a single process model, documenting key business processes, and implementing, regulating, and monitoring control procedures.
In a boardroom, all meeting participants receive instant notifications of new mail messages and new chat messages via SMS and e-mail. At the same time, each user can set up an individual information configuration for himself by combining different notification channels. Also, if desired, notifications can be turned off in the system settings.