A board pack is the set of documents prepared for board of directors meetings, typically including financial performance reports, strategic updates, risk assessments, and items requiring board approval. The FP&A team is usually responsible for the financial sections, which form the core of most board packs.
In Depth
The board pack is the primary communication vehicle between the executive team and the board of directors. For FP&A teams, preparing the financial sections of the board pack is one of the highest-stakes deliverables — it shapes how non-executive directors and investors understand company performance.
A well-structured board pack typically includes: an executive summary with key highlights and concerns, financial performance against budget and forecast (P&L, cash, KPIs), strategic initiative updates, risk register with movement since last meeting, items requiring board approval (CapEx requests, budget amendments, policy changes), and appendices with detailed supporting data.
Board members are time-poor and often review pack materials quickly before the meeting. The FP&A team should: lead with the most important information, use consistent formatting that directors are familiar with, highlight changes and exceptions rather than repeating routine data, and provide clear commentary on financial performance.
Visual presentation matters enormously in board packs. Consistent colour coding, clear chart labelling, and professional formatting build trust and make information digestible. A dashboard page with traffic lights for key metrics is often the most-referenced page in the pack.
For UK companies, board packs should address governance requirements under the Companies Act 2006, including going concern assessment, principal risks and uncertainties, and any matters requiring formal board resolution.
Real-World Example
A UK venture-backed company prepares its quarterly board pack for investor directors. The FP&A team structures it as: 2-page executive summary with key metrics (ARR growth, burn rate, runway), 4 pages of financial performance (P&L vs budget, MRR waterfall, cash flow, balance sheet), 3 pages of operational metrics (sales pipeline, customer metrics, product roadmap), 2 pages of strategic items (hiring plan, fundraising timeline), and a 1-page risk register. Total: 12 pages, sent 5 days before the meeting.
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