Researchers with the Rotman School of Management performed a comprehensive study of credit union boards to uncover what behaviours and governance practices by the board led to better organization performance overall.
Effective board meetings came through as the top factor to improved organization performance. And what makes an effective board meeting? Turns out that it’s strict awareness around time management and tuning agendas to spend more time on strategy.
Rotman’s researchers report, “… boards are struggling to optimize their board meeting agendas. In many cases, board members feel that a significant adjustment in time allocation is needed to maximize the effectiveness of their meetings.”
While this research is focused on credit unions, we hear this feedback from directors across all the organizations that Aprio serves.
Some useful guidance on how to streamline your board’s priorities to maximize impact is offered by CUNA director’s newsletter.
The newsletter reports, “Based on board packets, meeting agendas, and executive oversight, today’s boards focus much more on historical and current performance, structure, rules, and corrective actions than on creating and executing strategies to enable the organization to take advantage of future opportunities.
“Exploration of the future, by its very nature, is inefficient and unknown, and it generates an increase in the number of bad ideas or inaccurate forecasts. But without continued and sufficient emphasis on exploring the future, firms facing change likely will fail.”
Yes, part of the board meeting needs to be reviewing essential updates – which are largely backward-looking reporting. But being prepared for change, risk and growth demands bigger discussions.
Aprio tools to help:
Suite 1090, 1090 West Georgia Street
Vancouver BC Canada V6E 3V7
Suite 450, 1733 H Street
Blaine Washington USA 98230