Board calls--weekly is the new quarterly: new market realities require that directors and boards respond to greater expectations. Here is a simple and impactful step boards can take today that will provide greater value to their companies.

• Author: Grafman, Allan
• Position: BOARD PRACTICES

GEORGE CARLIN could have built a great routine from today's business world. You can just hear him:" ... a maelstrom of malaises ... this market meltdown leading to a frozen pond of capital ... we face strong headwinds stopping the engines of progress ... major market crashes leaving tasty corporate road kill for vulture investors ... a miasma of misery. ..." We could continue in this manner, but there is nothing funny about the many, deep and widespread corporate failures we are witnessing.

Every director, board and company must look for new tools to survive and thrive in this era of governance stress and financial failure.

Simple and impactful--in one step

Boards should consider a short weekly call of 30 minutes or less as a timely step to take. This simple action can be implemented now--today. It will yield immediate benefits, be consistent with governance trends for greater board oversight, and is not an undue burden on directors.

This weekly board call is a quick update. It is a forum for board members to review open items and take steps toward informed decisions. It is the antithesis of the all too familiar routine where a director receives a large quarterly book with far too much information to digest before a quarterly meeting.

For success, a short weekly call requires a strong chairman who can move the board through material quickly and assure that this update call remains focused. This is not a time for presentations or speeches. Save those for the regularly scheduled quarterly board meetings. Think of this as the 'refueling' that takes place regularly, not the heavy 'tune-up' that is a quarterly affair.

The benefits and results

Here are some of the reasons why a weekly board call should be initiated by directors who wish to be more effective and impactful in building shareholder value at their companies.

* Board Effectiveness Increases: A weekly call facilitates more contact and conversation among board members around important topics. This level of interaction helps a board come together in an informal manner, something not possible at more formal quarterly meetings. The result is a more cohesive membership, one less likely to fracture during difficult decisions. Further, if there are significant personality or policy differences, these issues will arise earlier and have more opportunities to be resolved.

* CEO Focuses on Corporate Results: There is only one CEO and there are multiple board members. There is a one-to-one...