I've collected my own observations from 20 years, plus from my guests in my @chicagobooth class on how to have great (1) board meetings (2) board materials and (3) board members. It's turning into a new lecture but I thought I'd share highlights. Starting with #1. 1/10

Great board meetings are entirely strategic. Lousy ones descend into tactical esoterica. Most important topics come first. O/W meetings get bogged down in warming up to meaty topics and there is never enough time. Board materials can propose questions to contemplate ahead. 2/10

Meetings should be valuable to management. Regurgitating metrics or educating investors isn't helpful. Debate, don't broadcast. Create a "weather report" that is read by board outside of the meeting. Board meeting provokes a strategic discussion & is not a detailed update. 3/10

Great boards focus on what's best for the co., and therefore *all* shareholders. They support the management team. They resist the temptation to act selfishly (ex. what's best for my fund, investors, my career). What's best for the company will ultimately benefit all. 4/10

Good boards choose "or" and not "and". It's easy for outside directors to say "just do them both". While that is sometimes the answer, better boards acknowledge limited resources and make harder "or" decisions. 5/10

Participants in the meeting should express opinions openly, candidly, and constructively. That contributes to a collaborative problem solving environ-- not to find a mediocre consensus outcome but to shape/choose a bold path. This requires mutual respect. 6/10

Not just the CEO monologuing. Shares floor with other c-level folks. Brings in lieutenants into meeting depending on meeting topics. Gives helpful insight on and direct observation of team to the outsider directors. 7/10

Consider concluding meetings with an executive session. CEO/founders meet with outside directors. Then CEO drops off so other directors can provide collective feedback back to leadership immediately in summarized fashion. 8/10

Some of our companies have established norms to keep computers closed and phones put away (when in person). Engenders much richer discussion. Some companies start with "how is everyone feeling, personally?" to bring personal dimension and build trust/empathy/bonds. 9/10

Finally, my favorite: at Tradeking, we had some directors who will remain unnamed who were chronically late. We made a rule that whomever was last to attend and was late would be appointed chair of the audit committee. It changed hands 3x, but mostly people were prompt! 10/10

what else?

and here's the second topic on board materials: https://twitter.com/jheltzer/status/1357374743737942021?s=20