While boards of directors are eager to return to in-person meetings, a new trend has emerged: many will incorporate virtual meetings in their long-term strategy. According to a new report from board governance software and services leader Boardspan, boards are now moving to a hybrid model, interspersing in-person and remote meetings with greater comfort.
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Boardspan’s Back to the Boardroom report, based on a June 2021 survey of 78 board members across the country from all industry sectors, also reveals that nearly all boards will have met in person by the end of Q1 2022, despite some concerns about their leadership’s preparation ahead of such meetings.
“Board members are genuinely looking forward to returning to the boardroom,” said Abby Adlerman, CEO of Boardspan. “Nearly 18 months of virtual meetings has meant missing out on important face-to-face interactions that significantly influence effective board dynamics, alignment and collaboration. Nonetheless, boards have shown their adaptability and a material number are embracing new meeting strategies going forward.”
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Some key report highlights:
- While less than 20% of boards have met in person in the first half of 2021, 100% of respondents expect to have met by Q1 2022.
- One-quarter of the boards surveyed have already adopted a hybrid approach with virtual and in-person board meetings, while one-third will move committees to a hybrid meeting model.
- Nearly 90% of boards are planning new safety protocols or reserve the right to do so
- Three-quarters of respondents felt satisfied with how preparations to return are being handled although one-quarter are dissatisfied with leadership’s actions, thus far.
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