The article utilizes examples from NASA (HST), Volkswagen, and Wirecard in order to show how boards can miss the early signs of danger. It emphasizes the importance of not only not recognizing these signals but to take action upon them. This can be accomplished through a well-run board review process, which helps boards assess their own effectiveness and performance.

The authors emphasize the importance of boards assessing their own performance and the performance of other organisations to identify areas for improvement. They also stress the importance of using outside experts with expertise to ensure that the agenda for the board is comprehensive.

A board room review is an evaluation of the effectiveness of the board of directors as compared to the ideal requirements for the business. It could be an ongoing internal review that uses a cheap world-class benchmarked questionnaire such as those from Board Surveys or a more unique external evaluation that is tailored to the specific needs of the organisation.

It is vital that the board room is an area where the members can speak freely and honestly. They must be able concentrate on their task without being distracted or interrupted, and they should feel comfortable discussing sensitive topics. A conference room with large chairs and tables that resemble trestles could be a great option. It should also be a soundproofed space to ensure that conversations are kept confidential. Modern technology like Bloomberg plug-ins or most recent quotation systems can help. A virtual meeting room can allow participants to attend meetings from their homes, offices or even on planes, helping to make the process more convenient for them and their colleagues.

Boardroom Meeting