Guidance

Track 2: Board Committee Checklist

Published 2 December 2025

STRENGTHENING LEADERSHIP AND GOVERNANCE 

BOARD COMMITTEE CHECKLIST 

Strong board governance is a hallmark of investor-ready businesses. For startups, particularly in capital-intensive and regulated sectors like space, a well-structured and actively engaged board signals strategic discipline, risk awareness and operational maturity. 

Investors closely assess board composition, cadence and documentation to gauge leadership quality and oversight capability. Your board pack demonstrates not only transparency but also the company’s ability to manage growth responsibly and make data-driven decisions. 

A balanced, experienced board, with independent oversight, investor representation and seasoned non-executives, reduces perceived risk and builds confidence that your business is equipped to scale effectively. Establishing clear governance rhythms and comprehensive board materials reassures investors that your leadership team operates with institutional rigour and foresight. 

1. Board composition & roles 

What: A well-balanced board is one of the clearest indicators of governance strength and investor readiness. The composition of your board should reflect the stage and complexity of your business, blending independent oversight, investor representation and executive insight. Each role brings a distinct perspective that, together, ensures sound decision-making, accountability and long-term strategic direction. Establishing this balance early signals to investors that your company is built on transparency, experience and capable leadership. 

Role	Description	Suggested Quantity	Why it is important
Independent Chair (or strong lead director)	Leads efficient, impartial board meetings and ensures strong governance oversight	One	Provides unbiased leadership, sets tone for accountability and maintains board effectiveness
Investor Directors	Represent key investors, balancing founder and investor interests	One or Two	Offers investor perspective, ensures alignment of capital objectives with company strategy
Executive Directors	Typically the CEO and CFO; deliver operational and financial insight	One to Two	Provides firsthand knowledge of performance, challenges and day-to-day decision-making
Independent Non-Executive Directors	Brings deep sector, governance, or scale-up experience	One or more	Adds credibility, sector insight and strategic depth, strengthening investor trust

When to use: Review your board composition at each funding round or major growth phase. As your company scales, reassess skills and diversity to ensure governance keeps pace with complexity, for example, adding NEDs with scale-up, finance, or international experience at Series A/B. Independent chairs or lead directors should be in place by Series A to professionalise oversight and demonstrate maturity to investors. 

2. Board meeting & committee cadence 

What: An effective board operates on a consistent, well-structured rhythm that promotes accountability and strategic focus. Establishing a clear cadence for board and committee meetings ensures regular oversight, timely decision-making and alignment between management and investors. This steady governance rhythm not only keeps the business on track but also demonstrates to investors that your company manages growth with discipline, transparency and institutional maturity. 

Meeting Type	Frequency	Participants	Purpose / Focus Area
Full Board Meeting	Monthly (Series A) / Bi-monthly (Series B+). Committee work in between.	All board members.	Strategic review, KPI dashboard, risk updates, funding & milestones
Quarterly Business Review	Quarterly	Board & extended management	Strategy, talent and risk refresh

When to use: Maintain a consistent meeting rhythm aligned with your growth stage. Use monthly meetings early on to embed discipline and speed, shifting to bi-monthly or quarterly as governance processes mature. Schedule committee sessions (e.g. Audit, Risk, or Remuneration) between board meetings to handle detailed oversight and prepare concise summaries for the full board. 

3. Board pack essentials 

1-page summary: 

What: A brief, high-level snapshot highlighting key updates and board requests with a quick overview with 6 - 8 bullets covering what’s changed, what’s off track, key risks and what you need from the board. 

When to use: Prepare this before every full board meeting and quarterly review. It should open the pack and frame the discussion, ensuring directors can prioritise key decisions and focus time where it matters most. 

KPI dashboard: 

What: A performance tracking tool used to visualise progress towards strategic goals. This should include: 

• A performance snapshot:   

Use a simple traffic-light dashboard (Green = on track, Amber = needs attention, Red = off track) to show progress against targets 

• OKR framework:   

Objectives = long-term qualitative goals (lagging indicators); Key Results = short-term measurable outcomes (leading indicators). Aim for 3 core objectives (plus one optional broader objective). Each objective should have 2 - 3 key results, reviewed monthly or quarterly. Ensure the board agrees on these objectives and track them with a clear OKR scorecard. 

When to use: Update and circulate monthly for management and at every board or QBR meeting. Use it to track performance, highlight risks and hold the team accountable for agreed outcomes. 

Sales funnel view: 

What: A snapshot of the commercial pipeline showing conversion rates, pilot progression and pipeline value by stage. It shows the quality of bookings and how well pilots are converting into full production contracts. 

When to use: Keep it continuously updated and review during quarterly business reviews to inform growth forecasting and sales resourcing discussions. Highlight major wins or slippages in the 1-page summary. 

Risk list: 

What: This document gives a view of what could go wrong and how you plan to mitigate against it through identifying key risks, responsible parties and mitigation plans. You should at least be tracking your top 10 risks with owners and mitigations, including sector-specific ones like launch delays, spectrum issues, export denials. 

When to use: Review monthly at the executive level and quarterly with the board. Update immediately following major incidents, regulatory changes, or strategic pivots. Use as a standing agenda item for every Quarterly Business Review. 

Overview of people & culture: 

What: A summary of workforce metrics including headcount, diversity data, retention rates and critical vacancies. Include a short commentary on organisational culture and succession planning. 

When to use: Present a refreshed view at every Quarterly Business Review or major funding milestone to highlight scaling capacity, team health and leadership pipeline. This helps investors assess whether talent growth aligns with strategic ambition. 

Compliance & safety overview: 

What: A simple tracker summarising compliance obligations, licences, audits, safety procedures and incident logs. Include actions taken and ownership. 

When to use: Maintain and update quarterly or following any regulatory change. Present to the board bi-annually or on demand when operating in regulated or safety-critical environments. This reassures investors that compliance risk is proactively managed. 

 Additional enhancements to consider: 

• Committee summaries   

Include short updates from subcommittees (Audit, Risk, Remuneration) summarising recent reviews, key findings and upcoming priorities. 

• Board evaluation   

Conduct an annual review of board performance and composition to identify gaps and training needs. 

• Governance calendar   

Maintain a forward schedule of key governance events (meetings, filings, audits, renewals) to keep the board proactive and compliant.

This information is a non-exhaustive summary of some of the factors which may be relevant to seeking investment in the space sector. Persons should take independent legal and professional advice before seeking any such investment.