Documents for formal oversight.
WHAT BOARDS NEED
Enough to discharge their responsibility Not enough to manage the business
WHAT A BOARD PAPER SHOULD CONTAIN
The decision required, at the top Background, briefly The options The recommendation Risks Financial implications What is being asked of the board
WHY THE DECISION FIRST
Directors read many papers and must know what is required.
WHAT TO STATE EXPLICITLY
Whether it is for decision, discussion or noting.
WHAT LENGTH TO AIM FOR
A few pages, with detail appended.
WHAT TO INCLUDE ABOUT RISK
What could go wrong, and its significance.
WHY
It is central to their role.
WHAT TO AVOID
Presenting only the option you favour Concealing difficulties Excessive operational detail
WHY CONCEALING FAILS
Directors are personally exposed, and discovering concealment ends confidence.
WHEN TO CIRCULATE
With enough time to read properly.
WHAT MINUTES MUST RECORD
Decisions Who was present Declarations of interest Dissent, where expressed
WHY DECLARATIONS
They are a legal requirement in many contexts.
WHAT TO KEEP
Papers and minutes, per the retention requirement.
WHAT TO FOLLOW
Whatever the governing documents prescribe.
WHAT TO TAKE ADVICE ON
The formal requirements for your entity.
