admin A high functioning board of directors is a must for the smooth running of any organization. However, all board members do not start their tenure with an intuitive understanding. They have to learn the principles of good governance and how their contributions can add value to the organizations they have committed to serve. Here, are a few things every board member should know.
On The Eve of the Meeting
- Pre Read The Material
Most of the time the questions asked by directors during or before the meeting conveys their lack of knowledge about the business. This is because a large portion of directors clearly haven’t read and mentally processed the materials before the board meeting. Often, this is the fault of the management, but the problem is also that directors think they can “wing it”. The best directors, however, are the ones who read the material well in advance. It is important for them to process the information and think about the business beforehand.
- Communicate With The CEO Before The Board Meeting
CEO’s sending materials beforehand and scheduling call with directors before the meeting is something that people find to be an added layer of process. But this is essential as it helps each side knows what we’re trying to achieve with the in-person meeting. It also helps achieve mutual concerns, agree with scope, discuss controversial topics, and know if something is missing from the agenda. A director who has had a pre-conversation with management will prove to be comparatively more effective in the board meeting.
● Study The Tea Leaves On CEO / Founder Psychology
The job of running a start-up is incredibly stressful and mental health /wellness is of utmost importance in any industry. There may come up instances when the founders are fighting or dealing with depression. As a board member, it is important for the director to know this. They need a read on whether carrot or stick is a better motivator at this point in time or when the founder may even need a hug or a friendly ear to vent to. This is a large part of the job of a board member and it takes a degree of maturity and experience to truly be a great board member.
● Getting In Touch With Board Members Before The Board Meeting
Learning what is on the minds of non-management board member and how they perceive the critical issues of the company is also important. It helps build stronger relationships with other directors and talking directly is very healthy for non-management board members and should be encouraged. Decision making becomes much better when all have strong working relationships as it resolves difficult issues when they arise. This is also an invaluable source of future deal flow, future recruiting and future decisions about whom to co-invest with.
● Being Thoughtful About Time Management
It is extremely important to think through the agenda and “what are the utmost key things to be achieved at this meeting?”. Most boards are bad at prioritizing the most important things and also bad at time management. It is important not to spend too much time discussing items that are less critical. A good board member cares enough to weigh on each point BEFORE the meeting starts.
In The Course Of The Meeting
● Put Your Electronics Away And Be Present
One of the biggest drag on board productivity are electronics Many board members are distracted for good portions of the meeting because of their mobiles, computers, iPad, electronics, etc. But the best place for these electronics is in a bag that is zipped and where there won’t arouse the urge to “just quickly check” when you’re bored by somebody’s update section. Electronic devices should be put away unless it’s 100% in note-taking mode and a stylus is being used to write. Most importantly — even if you ARE disciplined the electronic devices become a distraction for everybody else.
● Infer The Role Of Listener, Enquirer & Sparring Partner
One of the important tasks of the board member is to listen, ask questions and debate when appropriate. However, they do not need to speak during each session and have an opinion on every topic. It is important to listen intently, think about what’s being told, ask hard questions when what is being said doesn’t make sense and not being afraid to debate when you don’t agree.
One of the job as a board member is to make sure that one is really thinking through the hardest decisions the company must make and making sure that management has a sounding board.
● Avoid Micro-Management Of Non-Essential Items
The board members should remember that their role is one of board member and not of a functional manager. The board members should not dive into all the details of business and “problem-solve” every detail that isn’t warranted. It is critical to balance how much input to give and then when to stop talking and either say, “that’s for the CEO ultimately to decide” or “this is a super important topic but I don’t want to waste too much of my fellow directors’ time so I’m going to bring this up 1–1 on a separate occasion.”
● Push For Others To Speak
At times it is important for the board members to drag other people into the conversation. This is important because every bodies opinion values and it is necessary to hear what they think to simply make sure that everybody’s voice is heard on a topic.
Apart From The Meeting
● Build Strong Relationships With Board Members, Stakeholders, And Key Investors
By building strong relationships with each board member it becomes easier working through complicated issues. There are times when vehement disagreements take place but by knowing the other party you can at least understand where they’re coming from and what they intent. This is also vice versa. You will earn the right to advocate more forcefully for things you’re passionate about by putting your hours to know your fellow board members, as they too will understand you.
● Be Conscious When To Be Proactive
It is important to think about every board assignment proactively as in, “is there anything I should be doing, even if I haven’t been asked yet.” An example includes setting up calls with non-executive directors to get aligned on issues before a board meeting. Another example is proactively reviewing executive compensation.
Being a good board member is a combination of being responsive when asked to be and proactively thinking about what the company needs sometimes even when you haven’t been asked.
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