Efficiency of the boardroom is a major aspect to maximizing the performance of boards. It requires a clear and concise meeting structure and continuous communication. It relies on a website that gives directors access to their meeting materials and also to discuss them online with colleagues in real-time. Achieving these goals is a challenge, especially for boards that are tight on time due to shorter director terms and continuous recruitment.
In an OnBoard webinar corporate advisors Max Franchitto and Tamara Barr presented key strategies to ensure a high quality of boardroom efficiency. They discussed how to increase engagement and foster a diversity of skills and perspectives. They also offered suggestions to improve director processes and enhance the performance of each director individually.
Certain boardroom dynamics can be detrimental to the ability of a board to engage in generative government. For example, an excessive desire to find consensus and lack of focus on critical thinking can result in groups of thought and ineffective conversations that hinder the quality of decision-making. The tendency to dismiss an idea without fully understanding its foundation could also create distrust and compromise the effectiveness of a board.
To avoid this kind of situation, it’s crucial for boards to maintain open communication and provide a platform for all directors to express their opinions and perspectives. Boards can accomplish this by encouraging informal and constructive director communications between meetings, by providing directors with opportunities to discover common interests outside of the boardroom, and by including “hang time” on agendas for meetings so that newer members can get to know their peers.
https://usboardroom.com/virtual-data-rooms-a-new-era-for-m-a-deals-in-the-global-business-world/
