This video by David Dodson of the Stanford Business School has some excellent tips and advice for improving the performance for Boards of Directors for companies.
Most startups and small companies with boards don't invest enough effort into managing their boards. As a result, the realtionship between CEOs and their boards can often be unproductive and, even, disfunctional.
Financial and operational information is just part of the foundation that is required for functional boards as well as a culture of transparency.