A well supported board is an effective board! Boards (and ultimately, companies and shareholders) benefit from the support and proactiveness of a quality board support service. Very often, the time and administrative burden of organising board meetings and drafting minutes is underestimated; the efficiency and streamlining benefits a professional service provider can bring to board and company operations in this area leave company professionals free to focus on their core business activities.
A full board support service usually includes the following elements:
- scheduling of board/committee meetings – there can be a large volume of emails back and forth to line up meeting attendees’ schedules.
- assisting with drafting and circulating agendas – having a standard corporate agenda serves as a robust starting point to ensure all the required items are covered off from a governance and risk standpoint.
- sending invites and dial in details to relevant attendees – all necessary meeting attendees should receive a detailed meeting invite to their calendar. The invite may include requisite notice of the meeting in line with the requirements of the company’s articles of association and relevant local dial in details.
- gathering and collating of board materials – a good service provider will request relevant reports, providing clear deadlines so that relevant parties have adequate time to prepare/provide reports and collate the board documents into an easy to navigate pdf board pack in good time. When boards have materials in good time for meetings, it facilitates more efficient meetings and decision making.
- provision of board materials to relevant parties a number of days in advance of the meeting, for example, via an online board portal, which ensures the security of board documents and company information.
- attending meetings (either in person or by phone, depending on board preference) and drafting minutes and action items. Good quality minutes, together with a clear list of action items for relevant responsible parties should be delivered to the board for review and comment in a timely manner so that the content of the meeting remains fresh in everyone’s mind.
- agreeing minutes with the Chairman and circulating final draft minutes to relevant parties for approval. A board support professional should collate comments on the minutes from all directors and finalise for signature by the Chairman. They should also keep a ratification log of minutes and other documents signed between meetings, for ratification at the following meeting.
- following up with relevant parties on the status / completion of action items. A board support professional should track and follow up on status of all action points to ensure timely completion.
- arranging for signature of minutes and provision to registered office for minute book filing.
Directors and Executive Management shouldn’t have to worry about these items, they should be focusing on the strategic and day-to-day operations of the company and delivering value for shareholders.
Contact Dominion to discuss how we can support your Board Directors.
Written by Carol Ann Rotsey, Executive Director, London