Harvard Business Review's virtual board meeting practice pointers and checklist included in its article: "The Upside of Virtual Board Meetings" reflects directors' overall favorable views of virtual meetings, which were largely prompted by COVID-19 social distancing requirements that forced an unanticipated change in practice "virtually" overnight. Among the upsides directors identify are reduced travel, increased meeting attendance, improved governance and collaboration through shorter and more focused agendas, more inclusive discussions, greater candor, and broader exposure to key executives and third-party experts.
Spencer Stuart North American CEO practice head and a core member of the firm’s board practice weighs in:
One surprising benefit to virtual meetings, he says, is better dynamics around the board table. “The experience of sitting around a big table can be vastly different depending on where you’re sitting relative to the main speakers. With Zoom, you can see everyone’s faces and eyes right in front of you, which has a huge impact on focus, connection, and ultimately decision-making.”
Notably, based on directors' experiences and perspectives, this is one pandemic-prompted trend that boards may be inclined to retain over the long-term. According to our recent report: "COVID-19 Governance Impacts: Directors Speak!" based on a Spencer Stuart survey of Nom/Gov Chairs, a significant 84% of respondents said they expected a move toward more virtual board meetings post-pandemic.
This post first appeared in the weekly Society Alert!