Unveiling the benefits of annual planning

Board Portal

Boards today face many challenges like adapting to digital changes, dealing with cybersecurity, following strict rules, and handling environmental and social issues. In addition, many boards may find their agenda dominated by ad hoc matters or retrospective tasks, such as operational and financial reporting. This makes it challenging for boards to find the ideal balance between time spent on control and supervision duties and time dedicated to value-adding activities. 

23.February 2024
Written by Admincontrol

Admincontrol launches new annual plan module  

We are excited to announce that our new annual plan module is now available! Plan the board's meetings for a whole year and add key topics to provide a clear overview of the yearly meeting schedule for the board. The key topics will also be visible in the meeting overview and meeting description for improved control and planning.  

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The advantages of annual planning 

Long-term planning is key for board effectiveness and results. This involves establishing clear expectations for key stakeholders, including board members. Extending the planning to the next board meeting only to an annual agenda creates a better structure and predictability. This will not only benefit the preparation for upcoming discussions but also highlight key topics and decisions. Here are some of the benefits of annual planning: 

  • Efficient decision-making. Ensuring key matters are included on the agenda that enables structured and efficient decision-making throughout the year.  
  • Realistic time management. Planning provides a more realistic view of what the board can address in a year with a given number of meetings. 
  • Shared priorities. Establishes a common acceptance and understanding among board members regarding priorities for upcoming meetings.  
  • Better preparation. A structured annual plan enables more time for both the chairman of the board and board members to prepare the agenda topics, resulting in more efficient meetings.  
  • Competence assessment. Based on agenda topics, the board administration can identify whether the board and administration have adequate expertise or if external support is advisable. 

Incorporating annual planning into board practices becomes a cornerstone for proactive and strategic governance. The result is well-prepared and effective boards that are better prepared to navigate the complexities of today's business environment and competitiveness.

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