I thought we might change tack a little this time round, have a little fun, play a little game – a board game, if you will! – and in the process, improve what we do as directors and contribute to the even smoother running of our boards.
There’s also a fantastic prize on offer, so let’s get started.
It’s quite simple, really and, for want of a better name, we will call it Boardroom Bingo. It is all about the importance of calendars and how they remind we humans – with our tendency to forget, especially in an increasingly hectic world – of what we have to do and when.
Boardroom Bingo, then, is all to do with what boards should place on their annual calendars, from those entries that are pretty much a given as they’re perennials and we can lock them in at the start of each financial year, to some of a more creative bent that will just add a little spice, pizazz and best practice to board proceedings.
Think about it.
We need a calendar for the Board, along with dedicated calendars for the various Board Committees, that look 12 months into the future, support timely decision-making and ensure that we don’t end up putting the cart before the horse and, for example, sit down to approve the budget before we’ve reviewed and approved the strategy.
The company secretary be able, before the start of each financial year, to pre-populate each of the monthly board meetings, the various committee meetings, their times and dates. They will also list the key items to be covered at each meeting, ranging from when the strategic plans will be reviewed, which meeting will approve the annual operational plan and when the budget will be presented and approved, to meetings designated for the approval of the annual financial statements, the annual report and the paperwork ahead of the Annual General Meeting.
These are the more formal, statutory matters all Boards must attend to. But what else should they be placing on the calendar to be considered good or even great boards?
Off the top of my head and in our good governance policy on board calendars, we list at least 25 entries for the Board alone.
What others are there?
It’s over to you…come up with your list of 20 entries, email it to email@example.com within a week and if our panel of judges like what they see and consider them all legitimate, we’ll hear ‘Bingo’ ringing around the corridors of our judging quarters and we’ll know you are a winner.
You can select one of our Governance Matters’ Good Governance Policies (we have 28) and then it will be on its way to you.
Happy playing…and good luck!