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What Is a Board Report?
Every company or organization consists of a board of directors to lead and direct business operations. They are responsible for various tasks and are divided into specific committees. In such operations, an uninterrupted flow of information and communication is imperative. This role is played by a board report. It covers details like date and subjects of the meeting, committees-in-charge, objectives, etc. Such reports can be prepared and submitted weekly, monthly, quarterly or annually. The decision of this particular time frame depends on the practices and size of the organization. Thus, these reports help the management to sync with the board and vice versa.
How to write a Board Report?
This question might scare you sometimes. But even if you are writing it for the first time be confident and relaxed. Because you can always refer to our ready-to-go board report samples. Or you can follow our simplified steps below to get it done accurately in a jiffy.
Step 1: Establish the Purpose
Always remember that the report has many purposes to serve. You must establish them to make it more spontaneous and fill the members with a sense of enthusiasm.
Step 2: Summarize Recent Accomplishments and Current Activities
Introducing some latest achievements is the best way to start your sample report. You can include information on current activities precisely in it. You can also highlight the team's successes and milestones to motivate the team.
Step 3: List the Upcoming and in Progress Activities
Surely, you might have a lot of plans for ongoing or upcoming events. But do not forget to include those in your report or proposal. Because that is the source to update the board about your operational progress.
Step 4: List the Financial Impact
Financial impacts refer to capital investments done in different ongoing or holding projects. It would help you to direct the discussions towards the monetary aspects. It may also help you in receiving good advice from key personnel regarding the financial statements.
Step 5: Include Dissenting Opinion
You should never avoid the minority opinion that disagrees with the majority. This helps to voice out their concerns or express hope for the future. You can also present the dissenting opinion to give a heads-up to the board on contradicting topics.
Step 6: Forward Recommendations to the Executive Director or CEO
After processing all the planned events and activities for the report, you can prepare a conclusion. Next, you can analyze it and present a set of recommendations to the executive director or CEO.
Step 7: Forward Recommendations to the Board of Directors
What is the Purpose and Importance of Board Reports?
Ever wondered how useful and purposive a board report can be? The following points might give you some insight into it.
- The involved committees in the management keep forwarding different documents assessing the organizational progress. It helps all board members to ‘actively participate even when they are NOT participating’.
- Committee board reports motivate board members. It fills them with enthusiasm for accomplishment and bridges the information gap.
- Board assigns a committee to fulfill its operational objectives. That is why the members have to recognize the importance of the work assigned to them.
- The members participating passively in the tasks should also show an active interest. Because it's the report that can form a basis for discussions and question-answer sessions.
- The sole purpose of the report is to notify the board about all the activities of the committees. Such good communication boosts the process and helps to achieve goals.
Which Committees Need to Write Board Reports?
An organization or company involves different departments and teams for different tasks. But writing a report is the main responsibility of the following three:
- Executive Committee: It refers to the steering members that facilitate the work decided in the meetings. If you are one belonging to this team, then start keeping a note of every action taken.
- Board Development Committee: This team is responsible for the development of plans and actions.
- Finance Committee: Members of this group keep a record of every single penny utilized for the different activities.
What Details does a Board Report Consists of?
A report for the board of directors comprises of several minute facts. You must detail all the activities done on the respective projects in them. You should not miss out on any important particulars. These are
- Committee name
- Name of the committee head
- Name of the members
- Summary of completed and current activity status
- Activities in progress and plans
- Financial impact and statement
- Dissenting opinions
- Recommendations to the executive director or CEO
- Recommendations to the Board of Directors
After this discussion, we can summarize communication is the sole purpose of a board report. It keeps committees updated with the latest information. Thus while filling your project details in it, emphasize knowledge sharing. When stakeholders know about their organizational actions they remain on track. We believe our insights were helpful to you!