How frequently should the board prepare a summary report?

The preparation of a summary report by the board biannually is important because this frequency allows for sufficient time to gather and analyze data, while also providing stakeholders with timely updates on the board's activities and effectiveness. Preparing the report twice a year strikes a balance between staying informed and not overwhelming stakeholders with too much information.

An annual report may not capture changes or developments that occur throughout the year, leading to outdated information being presented to stakeholders. In contrast, a quarterly report might provide excessive detail and require a significant investment of time and resources to prepare, potentially detracting from the board's capacity to focus on its core responsibilities. The monthly option could similarly increase the workload substantially, making it less feasible for a board that has many other duties to oversee. Thus, the biannual preparation is often viewed as the most practical approach for maintaining accountability and transparency without causing unnecessary strain on the board's resources.