The highlight report is produced by the project manager throughout the project lifecycle. It provides the board (and other key stakeholders, as appropriate) with a high-level summary of key information on the project set at a specified time period.
The regularity of the reports should be agreed with the board and the project manager, but normally it is produced on a monthly basis.
The appointed board will review the information and make an informed decision as to the progress of the project.
The highlight report can be integrated with the project plan (timeline) or as a separate document.