A EX LISTED Company Secretary writes...
We have been looking at the way our Board functions (having had a number of new Non-executive directors join the Board recently) and would like to get a comparison against other companies on; –
- How often does your Board meet, and why?
- How long are your Board meetings, and why?
- What does your Board spend their time on:
- Within Board and Committee meetings?
- Outside of meetings?
In a main market smallcap, our Board meets quarterly. The audit, remuneration and risk committee meet at least quarterly, more often if circumstances arise requiring this. The nomination committee meets at least once a year to review Board performance/feedback.
At Board meeting, we have standard items for a manufacturing business – health and safety, business performance – and ad hoc items (business presentations by heads of business units are scheduled throughout the year).
The CGI terms of reference for committees will guide you on what the committees would need to discuss.
How often does your Board meet, and why? 6 scheduled meetings (around reporting requirements), several more ad hoc (depending on what’s going on)
How long are your Board meetings, and why? Between 3 and 6 hours (meetings are longer when there are no committee meetings)
What does your Board spend their time on: More operational and performance than strategy unfortunately; a fair bit on reporting and governance
Within Board and Committee meetings? As above
Outside of meetings? People matters and succession