One measure of board effectiveness is the formalization of board and committee protocols, mandates and a system of planning for meeting agendas a year in advance. This ensures the proper timing and sequencing of reporting and decision-making and avoids the risk of poor decisions that arise when information is incomplete or not provided on a timely basis.
We have all been to Board or Committee meetings where the agenda is distributed at the last minute and is disorganized or incomplete. Lack of planning means that necessary business is not addressed or that Board members and management are unprepared to address important matters. In a poorly organized meeting, formal resolutions are often overlooked. It is time-consuming, inconvenient and costly to circulate a written resolution after the meeting because no formal resolution had been put forward.
I can provide you with a one page planner for board and committee meetings that contains the essential agenda items that address operational matters, mandated responsibilities, TSX, Ontario Securities Commission and other regulatory requirements and committee reports. This will be an invaluable resource to your corporate secretary and board and committee chairs.
Being properly prepared for board and committee meetings achieves much stronger outcomes, saves time, reduces anxiety and allows for greater focus on matters of strategic importance.