Managers and board secretaries deliver good financial reporting for boards. But everything beyond financials, such as strategy, risk management, regulatory oversight, cybersecurity, or talent, should catch up seriously.

PwC has revealed that less than 50% of boards are satisfied with such pre-read board papers and board briefings.

Source: PwC’s 2023 Annual Corporate Directors Survey

The question is, how do you do effective board reporting? Do board members and executives capture the true purpose of board packs? This article explores the main elements of an effective board reporting package and describes several practices to make it more digestible.

Discover effective management tool for your board

Rely on our choice – iDeals Board

Visit Website

What is board reporting package?

The board reporting packages provide board members with up-to-date information on the company’s health, department highlights, budget utilization, revenue targets, and recent board actions. Let’s briefly name a few benefits of reporting packages when managing the board:

  • Bird’s eye view of corporate matters
  • Thorough risk management
  • Well-informed strategic decisions

10 key components of a board reporting package

Let’s explore the key components of an effective board pack:

  1. Executive summary
  2. Agenda and previous meeting recap
  3. Financial statements and reports
  4. Operational and performance reports
  5. Risk management and compliance reports
  6. Strategic initiatives and project updates
  7. Market and competitive analyses
  8. CEO report
  9. Governance and policy documents
  10. Board resolutions and action items

Executive summary

A board report package with all board briefing materials and topic reports can sometimes exceed 200-400 pages. So an executive summary is necessary for long packages. It briefly overviews key findings and gives enough information for informed decisions.

Agenda, previous meeting minutes

The board meeting agenda outlines the key topics and discussions of the official board meeting. In turn, meeting minutes from the last board meeting help the leadership team get the necessary context and align on the discussion topics.

Financial statements and reports

A board financial reporting package covers the company’s financial and operational data, like income statements, balance sheets, budgets, and revenue trends. The covered period of financial reports depends on the company’s reporting schedule and gets aligned with the board chair before the scheduled board meeting.

Operational and performance reports

Operational board packages highlight key performance indicators and challenges of the company’s department or business unit. While daily activities are beyond board duties, performance reports provide the necessary context to strategic conversations in board meetings.

Risk management and compliance reports

Compliance matters need significantly more attention from boards than they usually receive. As much as 84% of boards admit the absence of effective risk and compliance strategies. In contrast, top-performing boards regularly prepare risk-management and compliance reports. 

Strategic initiatives and project updates

A comprehensive board package overviews digital transformation, market expansion, sustainability, and other relevant initiatives. Management reports on strategic initiatives explore key milestones, performance metrics, and challenges of given projects.

Market and competitive analyses

Board directors and investors expect reports on the competitive landscape and the company’s market position. It facilitates major corporate decisions, such as acquisitions, mergers, and divestments.

CEO report

A CEO executive summary covers strategic, financial, and operational matters for a specific period. It delivers a broader perspective on company highlights, such as product or service updates. Some of its contents may overlap with separate board reporting contents, like strategic, operational, risk management, cybersecurity, or monthly financial reports.

Governance and policy documents

Reviewing corporate policies and documents helps to maintain their validity and compliance with existing laws and regulations. Moreover, a quick recap of policies and guidelines provides a baseline for performance, compliance, and risk evaluations.

Board resolutions and action items

Board resolutions and action items provide a formal record of past decisions and help with further actions and decisions. It’s crucial not to overly emphasize past decisions unless specifically required by the purpose of the meeting.

Board reporting package best practices

Let’s outline a few board reporting best practices for structure, conciseness, and readability.

PracticeDetails
Keeping reports conciseUse charts and spreadsheets
Use abridged reports
Include links to full reports
Using professional formattingBreak large sections into smaller paragraphs
Apply consistent fonts and line & paragraph spacing
Use consistent headings and subheadings
Include table of contents (TOC)
Highlighting key insights and action pointsUse bold text and color to highlight key insights
Use “key takeaways” sections
Assign responsible parties and deadlines to action items
Presenting data in the graph or chart formatCharts
Graphs
Tables
Diagrams
Infographics
Ensuring security and confidentialityShare packages through encrypted channels
Enable two-factor authentication
Apply granular access permissions
Making regular updatesCollect feedback to improve your board pack template
Aim to reduce the size of reports and packages
Standardize styles and formats based on feedback

Common board reporting challenges

Let’s explore five common challenges of the board reporting process.

Common board reporting challengesSolutions
Managing large data volumesUse a board portal to store complementary materials
Use in-document links to supplementary documents
Set page count restrictions in main reports
Ensuring consistency in reports across departmentsUse a board reporting template
Share a standardized board pack format
Collect source materials in a central repository
Handling last-minute changesGo digital to make easy changes
Set early deadlines for board pack distribution to reserved review time
Use board pack software for version control
Balancing detail and concisenessUse infographics
Move details to appendices
Reduce executive summaries to 2-3 pages
Coordinating with multiple contributorsUse centralized collaboration software
Set real-time digital notifications
Set digital tasks and reminders

Tools and resources for board reporting

Delivering materials earlier, reducing the size of packages, and providing more meaningful metrics are among the top requests to the management and board admin team.

Source: PwC’s 2023 Annual Corporate Directors Survey

Fortunately, there are a few tools and resources to make governance reporting more concise, effective, and digestible. For instance, an effective template can considerably improve your board meeting reports.

A standardized reporting structure ensures consistency, comprehensive coverage, and clarity. Download a free comprehensive template with a board pack checklist for consistent and efficient reports.

If you want to elevate other aspects of reports, such as timely delivery, easy last-minute changes, and seamless coordination, board reporting software will help tremendously. Board portals allow you to do the following:

  • Automatically compile existing reports into digital board packs with auto-generated TOC
  • Coordinate departments through reminders, tasks, and activity dashboards
  • Collect source materials in a cloud repository with unlimited storage
  • Edit statements without disrupting the report’s structure
  • Manage file versions
  • Protect the board pack preparation process with access permissions, two-factor authentication, and military-grade encryption

Bottom line

  • Board reporting packages deliver meaningful context to the company’s metrics and facilitate productive meeting outcomes.
  • Executive summary, meeting agenda, meeting minutes, financial, operational, compliance, market positioning, CEO report, board resolutions, and strategic solutions are key aspects of prudent company updates.
  • Page limits, standardized formats, info highlights, and visual aids make reporting packages clear and concise.
  • Use templates and board management software when preparing board reports. Board portals secure board meeting documentation and simplify all steps of preparations, from tasks and compilation to delivery and last-minute changes.

BRING YOUR MEETING PREPARATIONS TO THE NEXT LEVEL!

Download the board pack template now!

Download
Casey Johnson Marketing strategist
Casey Johnson is a seasoned marketing strategist specializing in board portals. With over a decade of experience, she spearheads comprehensive marketing campaigns to enhance brand visibility and drive growth. Casey orchestrates content plans, conducts market research, and collaborates with content creators to ensure impactful marketing strategies.
Download the board pack template now!
Please fill in the required field
Please enter the correct phone number
Please enter a corporate email
Thank You for Your Interest!
If the download does not start, click the button below to download the White Paper.
Download White Paper