Board report template
A board report, or board pack, is the set of papers directors read before a board meeting: what has happened since the last meeting, how the numbers look, the main risks, and the decisions the board is being asked to make. This free Word template gives a private company board a standard structure, with guidance in each section.
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What's in the template
Board report
| Company | |
|---|---|
| Meeting date | |
| Time and place | |
| Prepared by | |
| Circulated on | Aim for about a week before the meeting |
Agenda
| # | Item | Paper | Presenter | Time | For |
|---|---|---|---|---|---|
| 1 | Welcome, apologies and declarations of interest | Chair | Information | ||
| 2 | Minutes of the last meeting and matters arising | Chair | Approval | ||
| 3 | CEO or MD report | Discussion | |||
| 4 | Financial report | Discussion | |||
| 5 | KPIs | Information | |||
| 6 | Risks | Discussion | |||
| 7 | Decisions required | Decision | |||
| 8 | Any other business | ||||
| 9 | Date of next meeting |
1. Summary (one page)
The three things the board most needs to know, and the decisions it is asked to make today.
2. CEO or MD report
- Performance against plan
- Customers and sales pipeline
- People: hires, leavers, key issues
- Operations
- Strategy and major projects
3. Financial report
| Measure | Month | Budget | Year to date | YTD budget | Last year YTD |
|---|---|---|---|---|---|
| Revenue | |||||
| Gross margin % | |||||
| EBITDA | |||||
| Net profit | |||||
| Cash at month end | |||||
| Debtors over 60 days |
Attach the management accounts. Explain the two or three biggest variances in words.
4. KPIs
| KPI | Target | Actual | Status (red, amber, green) | Comment |
|---|---|---|---|---|
5. Risks
| Risk | Score | Change since last meeting | Owner | Action |
|---|---|---|---|---|
6. Decisions required
| Decision | Recommendation | Options considered | Cost and impact | Paper |
|---|---|---|---|---|
For each decision, note the factors directors must have regard to (UK: Companies Act 2006, section 172).
7. Actions from previous meetings
| Action | Owner | Due | Status |
|---|---|---|---|
How to write a board pack directors will read
- Lead with a one-page summary and the decisions needed. Directors should know what you want from them before page two.
- Send it in time to read. Most boards aim for about a week before the meeting; papers that arrive the night before get skimmed.
- Mark every paper as for decision, discussion or information, and spend the meeting time on the first two.
- Keep the format the same every time, so directors know where to look and changes stand out.
- Explain the numbers. Attach the management accounts, but say in words what changed and why.
- Bring the top risks from your risk register, and say how they've moved since the last meeting.
What the law says (UK)
- Minutes: every company must record minutes of all proceedings at directors' meetings and keep them for at least ten years from the date of the meeting (Companies Act 2006, section 248).
- Directors' duties: section 172 requires directors to act in the way they consider most likely to promote the success of the company, having regard to matters including the long-term consequences of decisions, employees, suppliers and customers, the community and the environment, and the company's reputation. Showing those factors against each decision paper helps the board evidence it.
Common mistakes
- Packs that are too long, with the decisions buried on page 40.
- No summary.
- Papers sent too late to read.
- Information papers taking up the meeting, leaving no time for decisions.
- No action log, so the same issues come back every meeting.
Frequently asked questions
What's the difference between a board report and management accounts?
Management accounts are the financial reports. A board report or pack is everything directors need for the meeting, including the management accounts, the CEO's report, KPIs, risks and the decisions required.
Who writes the board report?
Usually the CEO or managing director, with the finance lead for the numbers; a company secretary or assistant often puts the pack together.
How long should a board pack be?
As short as the decisions allow. A one-page summary, a few pages per paper and the accounts as an appendix is easier to read than a hundred-page pack.