Navigating the global events of 2020 has been very challenging for organisations world wide. Boards are finding themselves in uncharted waters and it is a scary place. This article discussed Chairing a Board Meeting in Virtual Times.
Financial stability, health and safety of employees, political and regulation changes are just some of the issues Boards find themselves trying to maneuver through unscathed. Organisations need the Board and the Board needs an effective Chair now more than ever.
Here are a few tips for Chairs to help them get through these uncertain times.
- Before the Meeting
As Chair, video calling is your best friend. Take the time to schedule a meeting at least once a month to find out how each Director is doing. Is their mental health ok? Are they facing financial difficulties or are members of their families sick?
Take this time to update Directors on the latest company news, get feedback on Board meetings and discuss agenda items. But most importantly, don’t forget to remind them that they are important to the Board. A little kindness during these tough times can really do wonders for the effectiveness of your Board.
- During the Virtual Meeting
Give each Director equal air time on the agenda. Set ground rules like the number of times a Director can take the floor in discussion so to keep a healthy discussion going. Video calls are a great way to observe body language, take advantage of this to monitor boredom and discontent.
No matter what technology you use to facilitate meetings, use their tools to form a consensus.
- After the Meeting
Each meeting must have a follow up. Make it common practice for your firm to follow up with detailed minutes, schedule calls to feel the pulse of the Board on decisions taken and gather as much feedback on the meeting as soon as possible.
These tips have been curated based on work with clients on our sister company The Governance Company. We hope that these tips are as effective for you as they have been for our clients.
Have you thought about taking a Diploma in Corporate Governance?