Board documents are essential tools to guide the decision-making. They provide a solid foundation to guide strategic direction and ensure that the organization stays on track for success.
It is therefore essential that the board’s papers are concise, clear, and relevant. Incorporating graphs, charts, as well as additional information to aid in understanding can make a significant difference in how well the board can comprehend a certain subject. The context and background that helped explain a specific piece of information can increase its value.
The executive summary is another essential element of a good board report. This can be a simple overview that provides a quick overview of the top priorities of the board and suggestions for the company. A clearly defined executive summary will ensure that meetings are on the right track.
Every board meeting should include financial statements. Included are a single-page profit and loss report, one page balance sheet, as well as a comparison of budgeted and actual expenses. The information you have available not only encourages accountability amongst board members, but it also helps them make more informed decisions.
At board meetings, board members typically listen to reports prepared by staff, other directors, or consultants. These reports may provide current trends, future projections or any news that could impact the business. In the end, these reports could serve as the official record of the board’s decisions.
It is essential to control these important documents via a secure portal for boards. This will safeguard them from unauthorized access and prevent sensitive information from falling into in the wrong hands. Additionally, it can enable real-time collaboration while on the move for board members who have busy schedules.
