Utilizing Board Report Template for a Good Board Report
A board report can be an electronic document or a paper and should be circulated to the company directors before every board meeting. Creating a board report many times is terribly tiresome, hence you can employ a board report template to help you out working faster and keep everything accurate.
Taking the Advantage of Board Report Template
A board report template makes easier in communicating all of the information about the current and future performance of a company that commonly reported in board meetings to the board members.
Other than that, a good board report has several benefits for your company. Why actually a board report is really needed?
- A board report communicates the information and details that might be missed from the last board meeting to engage the board members at the next meetings.
- It may boost the board members’ working enthusiasm.
- Since a board report provides details of the last meeting, it can remind the board members about their commitments in case if they have delayed or forgotten.
- It can trigger questions and or issues that will raise the board members’ participation at the next meetings.
Basic Elements of Board Report Template
Various templates of board reports are available in many formats to suit the different needs of each company. However, there are some basic elements that a good board report should involve to keep it accurate and functioned as it supposed to be.
- Committee name
- Committee chair name
- Committee members names
- Committee objective
- A summary of the company’s recent and current performances
- The list of in-progress and the upcoming company activities
- A note of impact to the company finance and any disagreements raised
- Recommendations to the CEO and directors
Requirements of Good Board Report Template
Companies are looking forward to maximizing the usefulness and relevance of a board report to take the benefits. Here are some important keys that a good board report template should have so you can pick the best one that works well for you.
- Providing a clear, logical, and strong structure that allows the user to navigate it easily.
- A good template of the board report should support you to present a balanced company performance with the indicators.
- Supporting to analyze any actions, risks, and issues clearly.
- Designed to engage the user with a balanced composition of graphs, tables, and commentary.
- Enabling the directors to access the report interactively.
Things to Avoid after Using Board Report Template
Make sure to check the board members’ availability to read the board report. Remember that a board report has to be more than an activity report so it can motivate the board members to perform significant improvements in each meeting.
Do not send the board report in the last minutes that causing the board members do not have enough time to read it. Employing a board report template will nail the work, but all of your efforts will be blown away if you messing up with the distribution of the report.