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. Topic TWO today. 1/11

The first slide in the board meeting deck should be the company's mission. It can change in startups but even if it doesn't, it is good to reinforce as you start a meeting. "why are we all here?" 2/11

Separate reporting (financials, metrics, charts, etc.) from the board discussion decks. Good companies produce two files. Set the expectation that board members arrived prepared, having read through both before the meeting. 3/11

The metrics ("weather report") should be as visual as possible. Graphs show trends that can lead to strategic insight. Title/subtitle should clearly state what you want the reader to conclude on that slide (don't assume everyone gets it or has time to ponder each chart). 4/11

Label chart axes and define metrics in footnotes. CEOs/CFOs will know the details of what's included in CAC or gross margin, for example, but other directors may not, leading to assumptions and potentially wrong conclusions. Include legends. Compare to plan. 5/11

Do not go over weather report in the board meeting. Set a standard that clarifications get sorted out before the board meeting. This requires the company to distribute the deck no fewer than 3 days before the meeting. This deck should not require a soundtrack. 6/11

The weather report for the board should be harmonious with how management looks at the business. This aligns management and the board, and is less admin effort to produce deck. You'd never want to be on a plane with pilot and co-pilot looking at different instruments! 7/11

The board meeting deck should summarize what's working and not, then focus on strategic challenges on which management wants to tap the insight of the directors. This can't really be more than 3 topics. 10 slides? Give background, pose questions, discuss options. 8/11

Some boards have themes for each meeting. For example, one meeting is to do a deep dive into product roadmap. The other is go-to-market. Another on messaging and competition. Those meetings usually cover only 1 meaty strategic topic. 9/11

Provoke the board into thinking about hard questions/decisions ahead of time by posing the Qs in the material. Give them mental homework to earn that equity! This leads to a deeper discussion that is of much greater utility to management. 10/11

Don't reveal big surprises in the materials. Better to talk to directors before the meeting to set the stage. This gives them time to digest, come up with solutions, and be prepared to be constructive in the meeting, vs. spending time in reaction mode. 11/11

My favorite: @tovalafood often puts an easter egg in each weather report. They are pretty funny inside jokes. Aside from being entertaining, the team knows who has read the materials!