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Topics to Consider for Your Next Board Meeting

Executive Resource
Weaver offers several topics to incorporate into the discussions at your next board and committee meetings. Consider these questions for your upcoming board meeting.
July 17, 2023

Boards are in a prime position to assist their organizations by asking questions that help management evaluate risks, identify opportunities, and consider varying perspectives when making meaningful decisions. Take advantage of each board meeting cycle and capitalize on the time and agenda by discussing and collaborating on today’s evolving business risks and strategies for tomorrow. Weaver, knowledgeable in advisory services, offers several topics to incorporate into the discussions at your next board and committee meetings to generate productive discussion and illuminate prospective opportunities as well as challenges.

1. Is our organization prepared to comply with privacy regulations?

Iowa recently became the sixth state to adopt strict data privacy regulations for consumers, joining California, Colorado, Connecticut, Utah, and Virginia. As companies adjust their practices to comply with regulations in these states, organizations will inevitably need to review and adjust their practices across their footprint. It’s critical to ensure your organization is aware of all such regulations that apply to your business, customer information, reporting standards, and more, and that clear plans of action are in place to be prepared to meet these regulations.

2. Has the organization reviewed key risks for our critical third-party vendors, suppliers or business partners?

Third party vendors are an important component of success for many businesses. Outsourcing may reduce an organization’s internal workload, but it does not reduce the risk associated with those activities. Whether providing support for new technologies, using contract labor to align resource needs with the business demands, or leveraging hybrid insource/outsource models to reduce costs, these relationships are an important part of the company’s risk landscape.

Weaver has provided insights on managing third party vendors to assist in evaluating relationships with existing third-party vendors.

Here are some questions to examine how third-party risks may affect your organization:

3. What is the board’s role in protecting the organization against cybersecurity threats?

Even if an organization has invested millions in a cybersecurity program, constant threats mean board members need to stay informed and get the right information from management in order to stay on top of the situation. Leading organizations are receiving recurring updates on key performance indicators related to cybersecurity through the use of dashboards and other aides to inform and provide insights to the Board.

Here are some questions ask regarding cybersecurity program performance and effectiveness:

4. Is the company considering any stock repurchases?

The Inflation Reduction Act of 2022 imposes many far-reaching changes, including a new 1% excise tax on the fair market value of stock buybacks. This excise tax applies to domestic corporations whose stock is traded on an established market and such buyback over the course of the tax year exceeds $1 million. Also, this excise tax applies to repurchases beginning after December 31, 2022.

Generally, a repurchase for purposes of this excise tax is (i) any corporate acquisition of stock from a shareholder in exchange for property other than stock of the corporation or (ii) any other economically similar transaction as determined by Treasury. It does not matter whether the reacquired stock is held as treasury stock, cancelled or retired for purposes of a repurchase.

Here are some questions to ask about upcoming company stock repurchase plans:

Weaver offers information and insights about the Inflation Reduction Act of 2022 and other topics 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.

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