Quick Answer
A board pack is a structured document sent to directors before each board meeting, typically containing an executive summary, financial statements with variance commentary, KPI dashboard, cash position, strategic updates, and items requiring board approval. Aim for clarity over volume — 15-20 pages maximum — and distribute at least five working days before the meeting.
The board pack is the primary tool directors use to fulfil their fiduciary duties. A well-structured pack enables informed governance, surfaces risks early, and makes board meetings productive rather than spent clarifying basic financial questions.
1. Agenda and minutes. Include the meeting agenda and minutes from the previous meeting for approval.
2. Executive summary (1 page). Summarise financial performance, key wins, risks, and decisions required. This is the most-read page — make it count.
3. Financial statements. Present the P&L, balance sheet, and cash flow statement with columns for actuals, budget, variance, and prior year. Highlight material variances (typically anything over 10% or £10k) with brief explanations.
4. KPI dashboard. Show 8-12 key metrics with trend lines. For SaaS companies this might include ARR, net revenue retention, CAC payback, and burn multiple. For other businesses, tailor to your sector.
5. Cash position and forecast. Show current cash, burn rate, and runway. Include a 13-week rolling cash forecast if the business is pre-profit or cash-constrained.
6. Strategic updates. Cover progress against quarterly or annual objectives. Flag any changes to the strategic plan or market conditions.
7. Items for approval. Clearly list any decisions the board needs to make — budget approvals, significant contracts, fundraising resolutions, or policy changes.
8. Appendices. Detailed schedules, department-level breakdowns, and supporting data for directors who want to dig deeper.
Under the Companies Act 2006, directors have a duty to promote the success of the company and exercise reasonable care. The board pack should provide sufficient information for directors to meet these obligations. For companies with audit committees, ensure the pack addresses any points raised in the latest management letter.
Use FP&A software like Grove FP to auto-generate the financial sections with live data. This eliminates manual spreadsheet compilation, reduces errors, and lets the finance team focus on writing insightful commentary rather than copying numbers.
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FAQ
Most private UK companies hold board meetings quarterly. Fast-growing startups with VC backing often meet monthly. Public companies typically have a minimum of four scheduled meetings per year plus additional meetings as needed.
PDF is the standard distribution format as it preserves formatting and is easy to annotate. Many companies use board portal software (Diligent, BoardEffect) for secure distribution. Avoid sending raw spreadsheets — they are harder to read on tablets and phones.
Sensitive items such as M&A discussions, executive compensation, or litigation updates can be included in a separate confidential section distributed only to relevant directors. Mark these clearly and ensure they are stored securely.
Send the pack with the best available numbers and clearly mark any estimates or preliminary figures. It is better to distribute on time with caveats than to delay and leave directors unprepared.
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