CFA Society Vancouver and CFA Societies Canada have focused on improving communications with their boards of directors and, as a result, have seen increased board engagement.
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CFA Society Vancouver launched a newsletter for its board of directors about three years ago. Virginia Coles, Executive Director, CFA Society Vancouver, explained: “Our monthly board newsletters are an effective way of communicating with directors and keeping them up-to-date on Society and CFA Institute initiatives. We have seen a 100% open-rate with most newsletters, which indicates a high level of board engagement.”
CFA Societies Canada board meetings are infrequent as a function of the board being very strategic in terms of its positioning. Communication, however, is a key CFA Societies Canada strategic objective, so it’s critical to keep its board informed of material operational updates, give them a pulse on strategic objective progress, and generally keep them engaged between board meetings.
As a result, CFA Societies Canada contacted CFA Society Vancouver for details about its newsletter and the Society was more than happy to share its experiences and methods.
Taking inspiration from how CFA Society Vancouver used email marketing tools and analytics for internal board emails, CFA Societies Canada has rolled out a similar initiative across a wide range of its internal communications. It recently launched a monthly board newsletter and while it does not have trend statistics yet, initial data indicates high engagement.
Michael Thom, CFA, Managing Director, CFA Societies Canada said: “We’re really happy with the initial feedback on our board newsletter. We’re glad to be giving our board the tools it needs to maintain the balance of being strategic but very well-informed and engaged.”
By measuring board engagement, these CFA Societies are helping to keep everyone accountable and they hope to better understand and grow their level of board engagement.
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