Partner Scott Engler and Partner/co-Head of the CEO/BOD practice Evan Grossman wrote about the critical relationship between boards and management teams in an article for the National Association of Corporate Directors.
Oftentimes, Scott and Evan said, it’s hard to maintain a successful relationship between the two parties. Research shows that only a small number of executive managers are satisfied with their relationships with their board. That can cause issues and be a roadblock to success… so, here is their advice on how to keep that dynamic strong:
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Board members and reporting executives should communicate outside of board meetings and other formal channels.
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Both parties should push for an upfront agreement on what should be on the agenda for the year, so that nothing important is left undiscussed.
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Reporting executives can make sure their presentations are tailored and laser-focused on what the board needs to discuss, take action on, or need to know.
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Before presenting to the board, executives will often draft up reading materials and distribute them before the board meeting. In those pre-distributed materials, executives should be direct and clear on what needs to be discussed during the meeting.
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Risk assessment can help boards take action on things sooner. Executives can bring up risk assessment when applicable to get board members to act swiftly on important issues.
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Executives should take care to avoid falling into traps that will take time away from key issues that need to be discussed.
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Company meetings should be recorded, and minutes should be taken for the event.
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Board members should utilize their networks. Major issues can be solved by utilizing board connections.
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Board members should clarify to reporting executives what they need from them for the next meeting, so that the executives have more clarity when preparing.
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A regular board review process would ensure each board member is still a fit for the company’s strategic goals.
Read more in their article: https://blog.nacdonline.org/posts/steps-better-board-partnership