An advisory Board is a group of expert individuals who offer advice to the management of an organisation. 

Advisory Boards are an advantage to businesses, as they offer more freedom in terms of administration and oversight than a Board of directors. 

With more and more organisations transitioning into remote and online meetings, traditional in-person Board meetings are becoming a thing of the past. 

In order to maintain order within your organisation, effective Board reports are key to keeping things running smoothly. 


What Is A Board Report?

A Board report is information from several departments or committees condensed into a short and readable format. These reports are kept as records and are a part of the Board meeting minutes. These reports are useful as they document the actions of the Board and so can be called upon at any time, especially if there are any legal issues. 

Board reports should be reviewed by every member of the Board of directors and it should be made sure that the details of the report remain intact.

Board reports are usually prepared by the executive committees, as the organisation's executive branch reports to the Board.


What Is The Purpose Of A Board Report?

A Board report can serve a lot of different purposes. It can be used for setting milestones in fundraising or for financial reporting. 

They are useful tools for bringing Board Members up to speed, reminding said members of the commitments they have made to the organisation and creating a space for discussions and questions to be initiated. 

It condenses the information from committees reporting on their tasks and the executive director’s report on the performance of the entire company into a single, easy to digest document. This is then sent to the Board and presented during the Board meeting.

Board reports are crucial documents for every organisation. Knowing how to effectively communicate your organisation's performance, processes, activities, and direction is an important part of good governance. 

It informs the Board about company performance, what’s happened since the last meeting, and where the organisation is headed. They can really help in establishing the big picture for an organisation.

Here’s our Top Tips for ensuring your Board reports do their job:

In recent years, organisations have had to face increasing operational and compliance risks in both their industries and communities. 

One way to confront and address these issues is by utilising a sustainability lens, or an environmental, social and governance (ESG) lens.


What is ESG reporting?

ESG represents a theory that there is an ethical way to do business, and this method involves prioritising sustainability; focusing on the environment, being socially responsible and establishing transparent governance. 

ESG reporting refers to the disclosures of data on the organisation’s operations and how they function within ESG standards. 

These disclosures are a great way for organisations to demonstrate their ESG policies, practices, and performance, as well as communicating their goals to different stakeholders: customers, investors, employees, suppliers, lenders, and shareholders.

Reports should cover environmental impact (eg. water/energy usage, waste management, greenhouse gas emissions), social elements (eg. community involvement, labour and diversity practices), and governance (eg. compliance, political contributions, board structure).


Why is ESG important?

Creating a quality ESG report is important for demonstrating your organisation’s commitment to sustainability. 

ESG disclosures help further sustainability efforts and good governance practices, as well as enabling a stronger financial performance. The data found in these reports can assist organisations in aligning their purpose, strategy, and operations.

Shareholders and investors can also use ESG reports to understand the related opportunities and risks of the organisation, and see how the company creates sustainable returns and mitigates risks.

Additionally, ESG disclosures can be a useful tool for maintaining transparency. They can aid in shaping better environmental, social, and governmental practices for the future.


Is ESG Mandatory?

Universally, the answer is no, not yet. However, according to the International Sustainability Standards Board (ISSB), recently more global investors have been requesting transparency and quality ESG reporting.

While several countries have incorporated measures requiring mandatory ESG disclosures, it has not yet reached a global scale. Steps are being taken to create a worldwide framework for ESG reporting standards, in order to facilitate the standardisation of the ESG reporting process. 

One such step came in November 2021, when the IFRS Foundation established the International Sustainability Standards Board (ISSB). The ISSB is focused on generating global sustainability standards for investors for its participating countries.

Another example of this came at the end of June 2022, where the European Parliament and the Council (EU Member States) agreed to require the mandatory reporting on ESG  for a considerable number of companies operating on the EU market.

Large or listed subsidiaries of non-EU companies will have to report for fiscal year 2025 on the basis of European Sustainability Reporting Standards.


ESG Reporting in the UK

At present, the UK has no single ESG law or regulation. The UK’s ESG policy consists of domestic and EU-derived laws and regulations, many of which are not ESG-focused.

However, a key regulation for UK ESG disclosures is the Companies Act, as it includes requirements for annual reporting. These rules apply to larger companies that are listed, have more than 500 employees or exceed £500 million in annual turnover

Non-financial information has always been a requirement of annual reports, but in 2022, the Act was extended to include sustainability details. Large UK companies are now required to report on their energy use and carbon emissions as a part of their annual reports.

Some sectors and organisations of a certain size now have standards they may have to report against. For example, the Housing sector has the Sustainability Reporting Standard, which whilst currently optional is paving the way for industries to specialise and standardise their ESG reports.

Additionally, starting in 2023, ESG reporting in the UK will be further defined through Sustainability Disclosure Requirements (SDRs). These SDRs will provide a structure for organisations to manage sustainability opportunities, potential risks and impacts, as well as set specific metrics and targets. 

While the SDRs are rolled out over the next two years, fully mandatory disclosure is expected by 2025.


How Can Convene Help With Your ESG Reporting?

Here at Convene we have developed our own ESG reporting tool: Convene ESG. 

Our aim is to alleviate some of the challenges of ESG data gathering, performance tracking, and reporting for ESG factors so organisations can move towards global sustainability and net zero.

Designed in collaboration with our clients, Convene ESG makes reporting simple, so you can focus on developing sustainable strategies. 

Convene ESG can help you report on a range of existing standards including TCFD, GRI, the SRS amongst a range of others, and are always looking to expand.

It also has a built-in comparison feature, which allows you to compare against competitors' formatting of their publicly accessible reports. This will help your whole sector develop the best results possible.

To find out more about how Convene can help your organisation, you can read about our early adopters here or book a demo.

Board diversity and fostering inclusive and accessible work environments has been in the spotlight in recent years, not only because of the bottom-line benefits but because improving diversity is the right thing to do. 

With 2022 seeing a shift in focus to addressing the climate, energy and cost of living crises – all of which hit the most disadvantaged in society the hardest, 2023 will continue along similar paths. The key things for you to remember for good governance this year are about flexibility and risk management.

Subcommittees are an essential role in good governance practices, but it can be tricky to know when to use them. You don't want to have too many overloading your Board Members workload, but you also need subcommittees to ensure that projects and issues are managed effectively. So we have put together this helpful guide so you can navigate the challenges.

The Task Force On Climate-Related Financial Disclosures (TCFD) was set up in 2015 by the Financial Stability Board (FSB) as a set of recommendations. Many countries and trading blocs like the European Union, Singapore, Canada and Japan have adopted it as a regulatory framework. 

Transfer price, also known as transfer cost, occurs when related entities transact and exchange profits. This may be between divisions of one company or between a company and its subsidiaries.

Last week, Convene sponsored the 2022 ICGN Proxy Voting Conference. It was full of informative talks and we want to thank all of the speakers and attendees for their engagement. We would also like to thank the ICGN for putting on a fantastic conference and awards ceremony. 

As you know, good governance is essential to running any Board. It’s not only a great way of giving your organisation the upper hand in business, but in certain cases it is the law.

No matter how great your company is, it’s worth nothing if you can’t communicate this to potential customers. From KFC to KPMG, every successful organisation needs a successful marketing strategy.

A strong software infrastructure is essential to running a modern organisation. You need to feel confident the technology you use is having a positive impact on your processes: from compliance requirements to efficiency.

Every successful organisation in the world needs a strong leadership team. The C-Suite is at the centre of this structure. A great C-Suite will allow an organisation to thrive and achieve their long-term aims. But what exactly does this term mean?

The COO, or Chief Operating Officer, of a company is the person who ensures the organisation functions as it should. They are responsible for planning business strategies to help the company run as smoothly as possible.

Of course, every member of staff should be involved in this process to some degree. But the COO is the main executive responsible for daily organisational processes. They must maintain a clear, cohesive infrastructure for governance.

Signing up for a product trial can seem like effort. Especially when the product has the potential to change your organisation’s processes, you may think it’s only worth spending time on something you are sure will work.