Governance meetings: ten critical considerations
Summary
Writing for the Internal Audit Community at ICAEW, Tim Bentham and James draw on their internal audit work to set out the ten areas where governance meetings are most likely to fall down. Such meetings run throughout an organisation, not only at board level, and each one is a link in a wider control framework.
The authors cover having the right people at the table, clear terms of reference and tracked attendance, and remind members who send a deputy that they stay accountable: “delegation, not abdication”. They also call for a route to escalate and track issues, documentation suited to each meeting that shows challenge took place, and papers that are complete, accurate and timely. They close by urging organisations to ask internal audit for the themes across its work.
Three key points
- Governance meetings run throughout an organisation, and each one is a link in a wider control framework.
- A member who sends a deputy stays accountable: delegation, not abdication.
- The papers behind each meeting should be complete, accurate and timely, because they often drive key decisions.
Read the full article
The summary above draws on a longer article. ICAEW publishes the full piece for its Internal Audit Community, with all ten considerations set out.
Insights
Worth reading next
The reading below stays close to this subject, often seen from the side of someone else round the table, such as the chair, an investor or the head of internal audit. It shows the wider subject from their perspective, and the questions each of them is likely to ask.
What should a buyer check in an FCA-authorised firm’s governance?
Board papers show a buyer how a regulated target runs in practice, and approval from the regulator depends partly on the same governance.
What makes a board effectiveness review rigorous?
A questionnaire is unlikely to show the real dynamics of a board, so a rigorous review should rest on the time the reviewer spends with directors.
Explore your own question further
In a particular organisation, the detail can change how these points apply. James is happy to hear from anyone weighing them up for their own board, audit function or deal. This page summarises an article published elsewhere, and is not advice on any particular situation.