Unique Lab September 27, 2024Efficiency in the boardroom is essential in maximizing board performance. It requires a clear and concise meeting structure as well as continuous communication. It also relies on a central portal that lets directors access their meeting materials and share them online with colleagues in real-time. These goals are difficult to achieve, especially for boards with limited time, due to shorter director terms and constant recruitment.
In an OnBoard Webinar Corporate advisors Max Franchitto & Tamara Barr presented strategies to ensure maximum efficiency in the boardroom. They discussed how to improve engagement and encourage a broad range of perspectives and skills. They also suggested ways to streamline the processes of the board and boost the performance of each director individually.
Certain boardroom dynamics can be toxic for a board’s ability practice generative governance. Lack of critical thinking and an excessive desire to achieve consensus can result in ineffective discussions and a lack of groupthink, which can compromise the quality of decisions. The tendency to dismiss an idea without fully understanding its roots can also lead to mistrust and compromise the effectiveness of the board.
To avoid these issues, it’s important for a board to maintain open communication and provide a forum for all directors to voice their thoughts and ideas. Boards can accomplish this by encouraging constructive and informal director communication during meetings, by offering opportunities for directors outside the boardroom to discuss common interests, and also by incorporating”hang time” in agendas of meetings to allow younger members to get know each other.