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Areas to Consider at Your Next Quarterly Board Meeting

Executive Resource
Boards and management should examine how remote working and flexible work arrangements, new developments related to crypto, and more may affect their operations.
February 6, 2024

At their quarterly meeting, boards and management focus on the way traditional and emerging risks may affect their operations. Weaver, knowledgeable in advisory services, offers the following topics to incorporate into your next board meeting to generate productive discussion.

1. What topics should you be discussing with your auditor?

Year-end reporting is in full swing and audit committees will soon be receiving the results of audits completed for calendar year-end financial reports. This is a prime opportunity to ask your external auditors questions such as:

2. What is the organization’s protocol for periodically reviewing and updating company policies?

Registrant organizations are generally effective at developing and implementing internal policies and procedures but may struggle or lag in keeping them up to date or responsive to changes in the business. Having the board regularly request information about how, and when, policies are reviewed and updated can help ensure that policies and procedures are kept current.

3. How is the company navigating remote working and flexible work arrangements?

Many organizations had to rush to adapt to growing number of employees requiring, or expecting, remote and flexible work schedules during the pandemic. For many companies, what was once seen as a temporary challenge (or opportunity, in matters such as evaluating the cost of office space) is now an integral part of operations. Companies that have made a significant transition to remote work should consider:

4. Has the organization analyzed executive compensation arrangements for purposes of the Section 162(m) deduction limitations?

Section 162 (m) of the Internal Revenue Code prohibits public companies from deducting more than $1 million per year in compensation paid to each of certain covered employees. Most types of executive compensation—i.e. share-based awards, retirement plan contributions—are within the scope of this regulation.

5. Will new developments related to crypto assets have an impact on our operations?

Crypto has continued to move more into the mainstream with recent regulatory actions, which has brought some much-needed clarity into the associated accounting effects. The Financial Accounting Standards Board (FASB) will now require entities to use fair value accounting for crypto assets and provide additional information about their crypto holdings beginning in 2025. While being very clear in stating that it did not amount to approval or endorsement of bitcoin, the SEC voted on January 10, 2024, to approve spot bitcoin Exchange-Traded Funds (ETFs), which paves the way for Wall Street firms to offer easier ways to buy and sell bitcoin on regulated financial markets.

Weaver offers information and insights to prepare for your next board meeting. We can help you ask the right questions and determine appropriate plans of action based on topics and trends as they unfold. Subscribe to our monthly insights for articles and information to help you review your organization’s operations and prepare for change in an uncertain world. Contact us for information about these areas of Board governance.