Reporting is important in the work of companies, regardless of the specifics and scale of their activities. After all, it is very important not only to draw up a work plan in advance, but then to present the results of the work for public discussion. It concerns not only the rank-and-file executive structures, but also the managerial level of the company. What is a report on the work of the board of directors, and what it should look like, you may find out in our article.
What is the role of a board of directors report?
First of all, it is necessary to say a few words about the role of the report on the work of the company’s board of directors. Without getting into the legal lexicon, the report on the work of the board of directors is part of the management packet, which contains information on the company’s performance, primarily financial and managerial, as well as the expected results of the work in the future. The report can include performance information for periods ranging from short-term to long-term.
The purpose of a board performance report is several fold:
- To present the actual performance of the company or its individual business units;
- To anticipate any questions board members may have about the company’s performance;
- To identify the most important issues on the company’s performance which are of initial importance at this stage of the company’s development.
Recording the results of the work of all structural parts of the company, including management, is also necessary for more thorough planning of work, as well as for compiling a comprehensive analysis of the current state of affairs. The results of the work of the board of directors reflect how effectively the work process is organized within the company and whether the goals for its development are clear.
How to draw up a Board Activities Report: practical tips
The size of a report on the work of the board of directors may vary from a few pages to a whole information catalog. The content and form of a report may also vary from one company to another. It depends on the specifics of the document flow within the company. But there are a few basic rules for its preparation, which we recommend adhering to:
- Make a clear structure of the report, which should necessarily include a title, a short introduction, a brief (or extended) summary of the main information, the conclusion and the authors of the report;
- Indicate only relevant information, taking into account recent performance, both good and bad;
- Do not overload the report with unnecessary details;
- Add infographics – analytical information is quite difficult to perceive by ear, so try to add visual elements to the report – various charts, graphs, and so on;
- Use simple language for writing the report, but do not forget about the corporate and business vocabulary, as well as specific terminology that is used in the field of activity of the company;
- Highlight the most important information in the report – this can be done by placing it in a separate block or using color highlighting, if this does not contradict the rules of paperwork;
- Make the report accessible to all using the appropriate software.
Whatever the specifics of the company, a properly formulated report will not only help present an accurate picture of the results of the company’s development, but also help in correcting ways of its further development.