With Labor Day on the horizon and much of the early chaos of Covid-19 now coalescing into a strange “new normal”, it is a good time to take stock and lay plans for the future, however uncertain. On the business front in particular, the changing landscape has produced new challenges and, albeit in shorter supply, opportunities. Companies across the Maine Venture Fund portfolio continue to demonstrate incredible resilience, creativity, and discipline as they navigate this uncharted territory. One important variable common across these teams is an emphasis on strong governance; a theme we return to often as early stage equity investors. Supportive and objective Board guidance has been essential for company management in general, but especially during the turmoil of the global pandemic.
As big proponents of sharing Board best practices (you may remember last year’s blog post on the governance workshop series), we’ve developed an MVF Matrix Tool to help Boards easily:
- Identify best practices
- Objectively measure and report meeting and meeting prep performance
- Adopt and/or customize the framework as needed
A typical use case for this tool: CEO and Chair complete together as follow up after a Board meeting, at a cadence somewhere between quarterly and annually, as a means to drive towards process improvement over time.
We’ve attached an example screenshot of the tool below, and linked the live Google Sheets version here. We’re also happy to provide an editable copy upon request so that you can customize to your own use, and/or answer any questions.
Whether you choose to trial this scorecard or not, at a minimum we hope that this will prompt reflection on how your board does evaluate its effectiveness, and processes and procedures.