When employees flourish the company develops a competitive advantage. Employees who are engaged, committed to each other, committed to the success of the company, provide better results better than their competitors.
Communicating up is good for your career and for your development as a leader. When the communication pattern with your leader is strong, you will both benefit.
If you feel like your meetings are not productive enough because people won't or can participate, the people in your meetings are unprepared or after meeting conversation are bigger then the meeting itself, the problem might lie in your preparation.