The key to successful governance lies in delivering timely, accurate, and relevant information. Making sure your board gets the information they need, exactly when they need it, is crucial for making smart, strategic decisions and achieving organizational success.

There is no single answer to how boards can ensure they receive the right information because each organization has unique needs, challenges, and objectives. The "right" information varies depending on the board's focus, whether it’s financial performance, market expansion, risk management, or operational efficiency. 

Boards must work closely with management to establish clear communication channels and set expectations. Directors need clear, concise key messages from management because, while managers are deeply familiar with detailed information, they might assume others understand it the same way. Since directors aren't as involved in day-to-day operations, it's crucial for managers to present information simply and focus on the main points. This way, directors can easily grasp the essentials and make informed decisions. Regularly reviewing and adapting information needs is also important to keep up with changing circumstances.

Additionally, the way information is presented—such as through detailed reports, executive summaries, or visual dashboards—depends on the board members' preferences and their decision-making style.

By fostering an open dialogue and regularly refining their reporting processes, boards can ensure they are consistently receiving timely, relevant, and actionable data tailored to their strategic priorities. This flexibility and ongoing adjustment are key, as static, one-size-fits-all solutions rarely work for every organization.

So, what’s the ‘right’ information for your board? Well, it’s all about alignment with the organization’s vision, strategic objective and priorities. You want to focus on data that directly impacts your strategy and vision.

For example, if your board is zeroed in on growth and expansion, they’ll need detailed insights on market opportunities, the competitive landscape, and performance metrics tied to growth initiatives. It’s about giving them the information that helps them see where the organization stands and where it’s headed.

When it comes to the data you provide, three things are key: accuracy, relevance and timeliness.

Accurate information is absolutely crucial for making sound decisions. The data you provide to the board needs to be precise, reliable, and error-free. Whether it’s financial figures, performance metrics, or strategic assessments, everything should be thoroughly validated before it’s presented.

Inaccurate data doesn’t just risk poor decision-making—it can also undermine the board’s trust in the reporting process. If they can’t rely on the information, it’s going to affect how confident they feel in making those critical choices. So, getting it right every time is key to supporting effective governance.

Relevance means that the information should focus on current issues or opportunities that really need the board’s attention. You want to ensure you're presenting data that’s aligned with what’s happening right now, not outdated or irrelevant details.

Now, timeliness is just as important. The board needs up-to-date information to make informed decisions, especially when things are moving fast. For instance, quarterly financial reports are essential for evaluating overall performance, but real-time sales data might be crucial if there’s an urgent market shift that needs immediate action.

In short, the right information, delivered at the right time, is what keeps the board equipped to lead effectively.

Data alone isn’t enough for the board—they need actionable insights that help them understand what steps to take next. This means going beyond raw figures and interpreting the data to highlight key issues, trends, and opportunities.

For example, if a report shows declining customer satisfaction, don’t just stop there. Provide insights into potential causes and recommend actions for improvement. It’s about making the data meaningful so the board can focus on solutions rather than just identifying problems.

Additionally, always contextualize the data. Link it to strategic implications. If a report highlights increased costs in a specific department, analyze how this affects the overall strategy and offer suggestions for possible adjustments. This way, the board can see not just what’s happening, but how it impacts the bigger picture and what can be done about it.

Don’t Shy Away from the Bad News. Handling bad news in board reporting is crucial. Managers may hesitate to share negative updates, but avoiding these issues can lead to bigger problems and damage trust. It’s essential to present a complete and honest picture, including challenges and how they’re being addressed. This transparency builds trust and supports better decision-making. 

To keep your board on track, it’s crucial to provide regular and timely updates. These updates should capture the latest developments and can come in various forms -monthly financial reports, quarterly performance reviews, or special reports on emerging issues.

By delivering these updates consistently, you help ensure that the board stays well-informed and is able to make timely, well-informed decisions. Regular communication is key to effective governance and keeping everyone aligned with the organization's current status and future direction.

Establishing clear communication channels is vital to keeping the board well-informed. These channels should be well-defined, accessible, and built to ensure that important information reaches the board without delay. It’s about creating an open, ongoing dialogue between the board and the executive team.

Encourage a culture where questions and clarifications are not just allowed but welcomed. This kind of openness fosters deeper understanding, strengthens collaboration, and ultimately drives better outcomes for the organization. High performing boards even go the lengths of providing key questions for board consideration as part of the reporting process.

In closing, the "right" information for the board goes beyond just facts and figures. It’s about providing data that is strategically relevant, accurate, timely, and actionable. The way you present this information matters. Make it clear and concise, using visual aids and a structured layout to make it easier to understand.

Context is key. Regular updates, combined with feedback, help ensure the board stays informed and ready to make decisions that move the organization forward. When the information is presented this way, the board is empowered to guide the organization with confidence.