It must be one of the classic Catch-22 situations: Boards complain about getting too much information too late, and management complains that nearly 20 percent of its time is tied up in the board reporting process. The process of board reporting is anti-lean in many respects. This process needs to occur more efficiently and effectively for both the board and management.
The corporate accountants should work with the CEO and the board to carry out these tasks:
Commence an educational process regarding the cost versus benefit of the board reporting process; start with costing out each board paper, and the board will be the first to complain about the waste.
Ensure all requests for information are properly scoped and costed first.
Instigate an empowerment program so reports are not rewritten as they are reviewed by senior management unless absolutely necessary.
Prepare an A3 (fanfold) one-page board ...
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