Efficiency in the boardroom is essential to maximizing the performance of boards. It requires an organized and clear meeting structure, constant communication, and thorough preparation. It also requires a central platform that lets directors access their meeting materials and discuss the materials with colleagues online in real-time. Achieving these goals is a major challenge, especially for boards that are a bit short on time due to short director terms as well as continuous recruitment.
In an OnBoard Webinar corporate advisors Max Franchitto & Tamara Barr discussed strategies for ensuring high boardroom efficiency. They discussed how to increase engagement and encourage a diversity of skills and perspectives. They also discussed ways to optimize board processes and improve the performance of each director individually.
Certain types of boardroom dynamics are harmful to the ability of a board member to conduct democratic governance. For instance, a disproportionate desire to achieve consensus and a lack of focus on critical thinking can result in unproductive discussions and groupthink that hinder the quality of decision making. The tendency to dismiss an argument without having a thorough understanding of its underlying causes can cause mistrust and undermine a board’s effectiveness.
To avoid these problems, it’s essential for boards to have open and honest communication and provide a forum for all directors to share their views and opinions. Boards can achieve this by encouraging positive and informal director communication during meetings, by offering directorship opportunities outside of the boardroom to discover common interest, and by adding “hang time” on agendas for meetings to allow younger members to get meet each other.
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