When Olivia was brought on as the clerk for her town council, she inherited a complicated and, frankly, confusing meeting-agenda process. Her predecessor had wrangled countless emails and lots of follow-up requests to council members to generate and get approval on each agenda, which wasn’t a productive way to spend workdays.

But Olivia turned the whole process around.

Her approach? Olivia has embraced automation for developing and sharing the agenda and other materials. Her efficiency-based approach has simplified her work, made her council’s service 

 and boosted transparency for her community. 

Let’s look at the difference this process makes and how your board or council can benefit from modernized agenda development.

What is a structured, efficient agenda for local government meetings?

On its face, an agenda is a simple document: a written plan for a meeting that outlines topics for board discussion and formats them in the proper order. While creating an agenda sounds simple enough, the manner in which clerks structure the agenda drives the meeting’s efficiency.

The structure of the agenda makes it easy for the board chair or meeting facilitator to keep the meeting flowing and on track. Agendas can be simple or complex depending on the meeting requirements and topics being covered. Municipal clerks can customize the agenda according to the needs of the council.

With the right online agenda software, the process is fast, easy and efficient.

An agenda that supports efficiency is a win for everyone. It gives clarity and focus to the important work of the board and ensures better time management and clearer decision-making in meetings. For elected or appointed board members, this smarter use of their time is invaluable.

For the community, the improved documentation supports 

 and accountability by helping everyone understand what is happening in the municipality or school system. 

For the clerk or administrator, an accurate, realistic, clear agenda helps minimize questions from participants; eases meeting planning; and makes creating minutes and other documentation around meetings faster.

Creating an efficient meeting agenda is a matter of observing a few best practices.

The week following the previous meeting isn't too early to start planning the next agenda. Early planning helps the agenda-preparer and the meeting participants as well.

Order your agenda items according to priorities.

 Council members and other attendees dislike meetings that run slowly and run overtime. Place the most important issues first and work with the board chair to keep items within a reasonable timeframe. 

 Certain agenda items may call for a breakdown of key points. Seeing the key points listed helps attendees focus on the main issues and should help to focus discussions. 

 One of the most difficult tasks is assigning a certain number of minutes for each agenda item. It helps to build in a little time for flexibility if you can. Place items with priority higher on the agenda. If things get too far off the timeframe, an experienced board chair will know that it’s time to table the issue or move it to a committee for further exploration. 

 Make action items clear and give board members enough time to review the issues and do any research or ask questions before the meeting. This will cut down on the time council members will need to spend in discussion and debate. 

List the names of those who will be presenting topics.

 Meeting members will have the agenda in front of them and be more prepared to follow quickly behind the previous speaker. 

Solicit feedback from members on how to improve future meetings.

 Some clerks find it helpful to leave some space at the end of the agenda for members to evaluate the agenda, so clerks can improve the process in the future. 

How Diligent Community helps with agenda management

Diligent Community has been designed to help the local government clerk, leadership team and stakeholders in building a better meeting-management process. Here are a few highlights:

Clerks use the Diligent Community Meeting Manager feature to create an 

, including a cover sheet and attachments. Digital agendas and attachments simplify the entire workflow into a single interface.

Clerks may have a certain format for their council meetings that they’ve used for a long time. The Meeting Manager tool allows them to use that format and improve or customize it as needed. The ability to customize the agenda allows clerks to design either a brief or detailed agenda format within minutes. Clerks can add or delete sections to adjust for changes in the agenda from one meeting to the next. All they have to do is drag new sections over to the agenda to create agenda items in a snap. They can also drag sections away from the agenda that they don’t need.

Once the agenda is complete, clerks can preview the fully completed, formatted agenda and make any necessary additions or corrections. After the preview, the clerk can send out the agenda packet for various rounds of approvals using an automated workflow.

Meeting participants can view the agenda online before the meeting, so they can prepare for it ahead of time and follow along with it during the meeting.

Ian Dudla, Chief Administration Officer, Municipality of Resolute Bay, observes, 

“Once the agenda is published online, there is greater awareness in the community and beyond. We have community members subscribing to the new service so that they are informed when the next council meeting will take place. The stakeholders are better informed.” 

The program also allows clerks to set user permissions so that only certain individuals can view sensitive or confidential documents. It’s one of many ways local government staff can help protect their communities as part of a 

Starting with a completed agenda and a livestream transcript, local clerks can use Diligent Community’s AI-generated minutes feature to create this 

 quickly, saving time for review and any edits needed. 

An efficient agenda process is an invaluable contribution to the effectiveness of local governments. Diligent Community makes it easy with the right features. 

Create agendas that drive meeting efficiency: Tips for clerks

When the hype over a new business or product doesn't meet its expectations, the excitement quickly wanes, and the possibility of an initial public offering (IPO) failure looms. Even when an IPO starts strong, it can lose money on the first day of going public or several days after and, eventually, fail.

46% of U.S. IPO companies saw positive first-day returns

, a 3% increase year over year. Yet even with this improving trend, the majority of IPOs still face profitability challenges, and success increasingly depends on factors beyond just financial metrics.

What many companies don't realize is that governance infrastructure often determines which IPOs succeed and which ones struggle under intensified public market scrutiny. While most companies focus exclusively on achieving profitability and timing market conditions, sophisticated investors now evaluate board oversight capabilities, risk management systems, and compliance readiness as critical predictors of post-IPO performance and long-term sustainability.

 with governance excellence in mind, we'll explain:

Common causes of IPO failures (including hidden governance gaps)

What happens after an IPO fails, and tips for raising revenue

Strategies to avoid IPO failures through smart governance

When an IPO fails, it means the company's stock price falls below the initial opening price it set. The share price can increase the next day if trading surges, but it can continue to drop, or even lose value entirely. Companies will generally consider their IPOs a failure if:

: If the stock price never recovers to the initial opening price, the market may not value the company as expected.

: Frequent trading and enthusiasm are marks of a successful IPO. If investors aren't interested and abstain from trading, a failure may be on the horizon.

: Companies want investors, the media, and more to be excited about the offering. If media coverage, analyst reviews, and broader investor sentiment are all negative, the IPO could be labeled a failure.

: Companies can still fail after the IPO. If they don't meet financial projections or achieve profitability, they may still be viewed as failures.

Though the above scenarios are the most common, an IPO failure can occur even for companies that don't go public. Some companies also consider an IPO a failure if they scrap their plans to go public because of internal strife or investor disinterest after the roadshow.

IPOs can fail for many reasons, some of which are easier to foresee than others. If an IPO does fail, though, these are the most common culprits:

Immediate market reception typically depends on fundamental financial and market factors:

: Investors purchase stock when they believe in the company's business model, prospects, or financial health. If investors have concerns about any of the above, they may opt not to purchase stock, which ultimately contributes to low demand and poor stock performance.

: Investors may view a stock as overvalued at its IPO, meaning it is too expensive relative to its potential. The market will correct the valuation, leading to a decline in stock price and a failed IPO.

: If a company goes public during an economic downturn, political instability, or other unfavorable conditions, investors may view the IPO unfavorably. Even well-known companies have struggled after going public during a market slump.

: Slow revenue growth, high losses, or unmanageable debt may dissuade investors from supporting the IPO. Financial instability can significantly reduce the chances of a successful IPO.

Sophisticated investors increasingly recognize that governance infrastructure often determines which IPOs succeed long-term, even when financial metrics look strong:

: Investors want to see that a company's leadership is experienced, trustworthy, and capable of executing its strategy. More specifically, institutional investors evaluate whether companies have the governance infrastructure to handle public company complexity from day one. Manual board processes, inadequate risk management systems, and unprofessional board materials signal operational immaturity that concerns IPO underwriters.

Inadequate risk management and compliance systems

: Public companies face continuous regulatory scrutiny that requires real-time risk monitoring and comprehensive audit trails. Companies relying on quarterly risk reports and manual compliance tracking often discover gaps during IPO due diligence — when it's expensive and time-consuming to fix them.

Insufficient board and committee infrastructure

: IPO companies need audit, compensation, and nominating committees with proper charters, work plans, and oversight capabilities. First-time independent directors and immature committee structures create IPO preparation delays and raise underwriter concerns about governance maturity.

External market conditions and competitive dynamics also play a significant role in IPO outcomes:

: Reputation matters during an IPO. Controversies, negative coverage or investor skepticism can all harm the IPO's performance by decreasing the demand for stock.

: Investors are attracted to IPOs with a high potential to gain or maintain market share. If the company operates in a competitive market, investors may be reluctant to support it.

: Regulatory scrutiny, compliance missteps, and legal challenges can cast doubt on the company's prospects and prevent investors from participating in the IPO.

The hope for companies going public is that everyone makes money. When it's successful, an IPO raises lots of money to keep the business going. The founders also usually get a nice payday as they sell their private shares. What happens when the unthinkable happens: the company fails to sell enough shares to sustain itself?

A failed IPO can torpedo the company's valuation, eventually making it difficult to raise capital. Lenders and investors may also expect higher returns to balance the higher perceived risk. In either scenario, the company can face cash flow challenges that hinder its growth.

 can significantly drain a company's resources. If that company doesn't regain any of that capital post-IPO, it can strain operations and scale back strategies already in the works, like expansion plans or product launches.

Investors, customers, and partners can lose confidence in a company after its IPO failure. Negative press coverage can further erode public perception of the company and make it harder to engage critical stakeholders.

Most top talent want to work at winning companies. Potential employees may view a failed IPO as a sign of instability or poor prospects, while existing employees may lose motivation and consider leaving.

Companies that lose significant value after a failed IPO become prime targets for acquisition, often at prices well below their pre-IPO expectations.

Opportunistic buyers—including competitors, private equity firms, or larger corporations—may view the weakened company as an attractive acquisition opportunity. If the company gets acquired, it typically loses its independence and may face substantial changes to its structure, leadership, and strategic direction.

Most companies have raised venture capital at some point in the past. It doesn't hurt to ask current investors if they would be interested in participating in an additional round of funding. Alternatively, the company could reopen the last round of venture capital raised and add new funding. One of the investment banks that backed or sponsored an IPO might also be interested in investing in the company once the IPO is put off.

Owners may be able to take out a private loan, which doesn't require them to give up a stake in the company. This gives owners more control over decision-making. Similarly, a revolving credit line can be useful if the company doesn't need major funds for expansion. The bank releases additional funds as the company pays them back.

It may also be possible to get a government grant. The benefit of this is that you don't have to pay it back. Since you've done all the paperwork for the IPO, you'd have all the financial information readily available.

Another popular alternative is to sell the company. This will help cash out investors and provide a nice retirement for founders. The purchase price would help to fund growth and allow for a surplus. Sellers may allow founders to stay on and manage the business if they choose, or the company may grant them stock.

Finally, a failing IPO could actually buy another company that is a competitor or that is related. The incoming cash might be enough to meet the fundraising needs. To make this work, the company would need to look for investors who specialize in providing money for mergers and acquisitions. Once again, the initial IPO documentation will be a great asset in finding an interested investor.

In the centuries since the Dutch East India Company first went public in Amsterdam, many IPOs have failed, some more memorably than others. The following list includes common examples of IPO failures that made headlines, along with the governance lessons they provide:

This telecommunications provider went public at $17 per share, selling 31.25 million shares on the New York Stock Exchange (NYSE). However, by the end of the trading day, shares dropped 12.7% to just $14.85, the worst IPO trading day in 2006.

This online platform for artists and makers had a successful IPO day but failed days after. Its stock price surged from $16 to $27, raising $267 million on the first trading day. Despite its $1.8 billion valuation, shares later dropped under $10, shorting the company's success.

This widely anticipated IPO set a share price of $45 to meet its expected valuation of $120 billion. It ultimately opened at $41 and closed at $42, underperforming expectations and joining the ranks of IPO failures.

This company targeted $17 to $19 per share, but shares traded at just $12 on opening day. The IPO led to a $470 million valuation that missed the mark of the $1.1 billion expectation.

This electric vehicle company went public at $22 per share in August 2023 but has since fallen to around $0.36 per share, down over 75%. The company set ambitious delivery targets but missed key goals, faced plant delays, and struggled with weak U.S. sales performance.

6. Temperature-controlled warehouse operator, 2024

This company completed one of the largest IPOs of 2024, debuting on July 25 at a valuation of approximately $18 billion. Since going public, however, its shares have fallen by nearly 40%. The decline followed disappointing first earnings and missed operational forecasts, raising investor concerns about the company’s readiness for public markets.

 rather than avoiding IPO failure. But the reality is that 

 can help you sidestep the pitfalls that commonly cause IPOs to fail. To prevent IPO failure:

Build a strong financial and operational foundation

The fundamentals matter: Investors scrutinize financial performance, market timing, and valuation before considering governance sophistication. These baseline requirements form the foundation for IPO consideration:

1. Establish a solid financial foundation

: Companies with a strong track record of revenue growth and sound financial management are more attractive to investors. If your balance sheets and financial history demonstrate profitability and favorable growth prospects, it will be easier to win investor support.

: Like in most things, timing is everything in an IPO. Monitor market conditions and attempt to go public when the economy is stable and investors are optimistic. Timing the market can be difficult and sometimes impossible, so pay attention to industry trends; if sentiment changes for the better, your IPO is more likely to succeed.

: In the examples above, several companies failed after IPOs because they were valued below their own expectations. Avoid overpricing your stock, as this can decimate demand and erode your post-IPO stock prices. An experienced financial advisor can help set an appropriate valuation.

While financial fundamentals get you in the door, governance infrastructure increasingly determines which IPOs succeed long-term. Sophisticated investors now evaluate governance maturity as a predictor of post-IPO performance, making early implementation essential:

1. Have transparent governance with professional infrastructure

 are essential before you decide to go public. An experienced board, a clear code of conduct, and rigorous accounting practices will put investors at ease. This includes implementing governance technology that demonstrates operational maturity through institutional-quality board materials and sophisticated oversight processes.

Best-in-class governance platforms like Diligent provide the professional infrastructure that institutional investors expect:

 creates always-updated board materials keep directors fully informed while demonstrating governance sophistication to IPO underwriters

 provides comprehensive audit trails and 

 ensures committee meetings focus on strategic oversight rather than operational catch-up

2. Build IPO-ready board and committee infrastructure

: Public companies need audit, compensation, and nominating committees with proper independence and oversight capabilities.

Rather than hastily trying to build these structures during IPO preparation, put these committees in place well before the IPO is on the horizon, making it easier to scale from private to public company requirements.

3. Implement AI-powered risk management and compliance systems

: Public companies face continuous regulatory scrutiny that manual processes can't handle effectively. 

 capabilities identify compliance gaps and regulatory issues months earlier than traditional manual reviews.

Strategic preparation and relationship building

Beyond financial readiness and governance infrastructure, successful IPOs require strategic market preparation and stakeholder engagement. These relationship-focused strategies help ensure strong market reception and long-term public company success:

: Before your IPO, analyze IPOs that failed in the past within and outside of your industry. Understanding where they went wrong can help you avoid the same mistakes or identify strategies that could be successful. Likewise, financial advisors with a track record of IPO success can have valuable guidance for navigating the IPO process.

: Companies that win the favor of institutional investors, analysts and financial media pre-IPO can generate interest and support. This early engagement allows you to gauge investor sentiment and adjust your strategy accordingly. Additionally, the more open you can be with investors, the easier it will be to build enthusiasm.

: IPO success is essential, but long-term growth matters most. The example companies above all struggled during IPO but have gone on to lead their respective industries. As such, don't overlook the importance of articulating your long-term growth strategy and how that will create sustained value for shareholders.

IPO failures are a risk any company must take, but they aren't inevitable. Unrealistic valuations, poor business fundamentals and unfortunate timing can each erode IPO performance. However, governance readiness often determines which companies successfully navigate these challenges and which ones struggle under public market scrutiny.

Professional governance infrastructure demonstrates operational maturity that supports higher IPO valuations and faster preparation timelines. Companies that implement AI-powered governance capabilities months before their IPO preparation show institutional investors the sophisticated oversight and risk management that predicts post-IPO success.

Ready to build IPO-ready governance infrastructure? Download our 

 to assess your current capabilities and set yourself up for success during your IPO and beyond.

IPO Failures: Causes, consequences and prevention

Leadership in the boardroom is a multifaceted journey that requires a blend of diverse experiences, proactive engagement, and strategic preparation. At the Next Gen Board Leaders Summit, seasoned board chairs including Alicia Syrett, Founder of Madam Chair, provide valuable insights on what it takes to lead a board effectively and create a strong boardroom culture.

The ​​p​​ath to ​​b​​oard ​​l​​eadership

​​Board​ chairs typically reach their positions through a combination of executive experience, committee work, and active involvement in board matters.​There​’s no set formula, but d​​iverse backgrounds and a ​​bias for action​​​ a​re essential. Continuous learning, such as seeking out mentors and familiarizing oneself with board and committee responsibilities, can help build the necessary skills and credibility. ​That said, ​​i​t's also crucial ​for aspiring chairs ​to be realistic about the time commitment required for the role.

Resources and ​​p​​ractices for ​​e​​ffective board chairs

To excel in the chair role, familiarity with key resources like 'Robert’s Rules of Order' and practical articles like 'How to be a Good Chair' can provide a solid foundation. ​Bu​t it’s the consistent habits that matter most. ​​Strategic use of the agenda, starting meetings with ​​planning​ and forward-looking topics​, and conducting pre-meeting calls with directors can ​clarify priorities and ​foster alignment. Engaging directly with shareholders and proxy advisors is vital for anticipating issues and building trust. Regular communication with the CEO and fellow directors, as well as ​​creating​​ an environment where directors feel comfortable raising ​​tough questions and dissenting views​​ is also crucial.

: ​​A good​​ board chair ​​acts as​​ the 'conductor of the orchestra,' responsible for ensuring the board operates cohesively.

: Effective chairs take their responsibilities seriously, benchmark against other boards, and ​​seek​​ regular ​​feedback from​​ the CEO and fellow directors.

​​​Making the most of​​ meeting time

: By prioritizing strategic planning​, sharp agendas, and candid discussion,​ the chair can ​drive more meaningful outcomes ​​​​​​​in​​ limited meeting time.

​​M​aintaining a ​​s​​trong ​​b​​oardroom ​​c​​ulture

​​​Culture starts with the chair – and a​​ robust boardroom culture is essential for the board's effectiveness. Regular assessments, ideally conducted by third parties to gather unfiltered feedback, are critical. The chair should act on this feedback and​​ actively reinforce high expectations for board conduct and performance​​. By identifying and ​​actively drawing out​​​​​​ the strengths of each board member, the chair can ensure that the board remains a dynamic and effective decision-making body.

In summary, effective board leadership ​requires more than experience ​– it calls for ​​​​preparation, ​​intentionality, ​​and a commitment to fostering a strong, cohesive boardroom culture. By following the insights shared by experienced chairs, aspiring leaders can better navigate the complexities of board leadership and contribute to the success of their organizations.

Navigating ​b​oard ​l​eadership: The ​v​iew from the ​c​hair 

This article originally appeared in our July 31 edition of the Diligent Minute Newsletter. For more insights like these, delivered straight to your inbox, subscribe

Compliance lapses have big repercussions, like fines, reputational damage, compromised legal standing and missed business opportunities, to name a few.

So, it’s logical to assume that compliance is a top board priority today, with the chief compliance officer (CCO) front and center for important discussions — right?

Not so much, as we discovered in the findings of the 

, an annual survey of more than 200 U.S. public company directors conducted in partnership with Corporate Board Member and FTI Consulting.

Regulatory compliance ranked relatively low on both the list of company priorities for 2025 and on topics directors wanted to discuss at upcoming board meetings. What we’ve heard anecdotally from CCOs themselves affirms these findings. They sometimes feel neglected by their boards.

And here’s the key takeaway: CCOs may not perceive themselves as wanted — but their perspectives and input are sorely needed right now, as the following example illustrates.

Authorities in France and Switzerland, as well as state authorities in the U.S., are amping up their enforcement of anti-bribery laws. But only 65% of the directors we surveyed reported ethics policies and employee training to mitigate bribery and corruption risk in their supply chains. Only 60% implemented regular audits and inspections in this area, and a full 22% answered “not applicable/don’t know” about their risk-mitigation activities.

How can boards and CCOs close this dangerous gap?

In a recent Corporate Director podcast, we received sage advice from a compliance expert and former CCO: Kristy Grant-Hart, now Vice President and Head of Advisory Services for Spark Compliance, a Diligent Brand.

1. Recognize the urgency of the situation

Especially when the board agenda is dominated by changes in trade, technology and the geopolitical landscape, it’s tempting to move compliance to the back burner. This is especially true in industries where regulations have remained static for years.

But boards who deprioritize compliance today — and a strong, transparent board/CCO relationship — do so at their own peril, Kristy cautioned.“ Compliance doesn’t seem important until it’s the only thing, and you’re responding to big problems.”

She pointed out the importance of “more global” compliance areas like conflict-of-interest management and investigations, which “can actually be very, very problematic if you’re not paying attention to them because of what they tell you about the culture and how your company is going.”

Culture is a “hard ask” to oversee, she noted, a mix of subjective and objective data like exit interviews, focus groups and whistleblower surveys. But it’s a rising area of regulatory scrutiny and a major driver of business profitability, so overseeing it in tandem with the CCO, along with the rest of the compliance landscape, needs to be a board priority.

“I would remind directors of their personal responsibility under many laws, as well as the reputational issues that come if they face compliance meltdowns under their watch,” she said.

While 60% of organizations conducting regular anti-bribery audits and inspections was a higher-than-anticipated statistic, Kristy noted that only 65% of organizations implementing anti-bribery training was an area in need of improvement.

“Training is pretty much ground zero,” she declared. And it’s an investment that pays ongoing dividends. As boards become more aware of external pressures, like local AI regulations and growing human trafficking regulations, and internal compliance progress, their oversight becomes more robust and adaptable over time.

Now is the time for directors to proactively invite closer collaboration and information-sharing, recognizing the invaluable role the CCO can play in illuminating trends, anticipating challenges and navigating uncertain times. And CCOs can elevate their own standing through purposeful storytelling: monitoring important data points, synthesizing them and distilling them all into a compelling, contextual narrative, based on what boards care about.

“There is a tendency in our industry to report on what you are doing, your activities,” Kristy noted. “Directors don’t want a litany of what you’ve been up to. They want to understand forward-looking risk, not just backwards-looking risk.”

Want regular access to original research in the field of GRC? Bookmark our 

 for the latest surveys, podcasts and reports.

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Create agendas that drive meeting efficiency: Tips for clerks

IPO Failures: Causes, consequences and prevention

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