Board Meetings are regular events where the company’s leadership gathers with key stakeholders to discuss critical business issues. It is vital that the board of directors stays in contact and on the same page with one another especially during crucial times like an M&A or a threat to the company’s existence. A regular agenda and structure helps to ensure that meetings are focused on the most pressing business issues rather than rehashing the same old news.
The most important part of a board meeting is the discussion of the company’s strategic direction. The board must review the company’s plans and strategies and create a plan of action to encourage progress. It is beneficial to work together on any challenges the company might encounter and devise strategies to overcome them.
In this portion of the meeting, heads of departments or committees typically present a written report to the board. These reports can include milestones, financial data, KPIs, product roadmaps, improvement and organizational performance. Typically, the majority of this section is spent looking at future strategies and evaluating whether or not the company is on track to reach its goals.
The board will then look over any issues that haven’t been resolved or that need formal approval. Based on the particular organization the board can vote on a variety of topics including changing the articles of incorporation of the company and approving certain transactions or ratifying a previous decision of the board. It is important to make sure that a quorum of the members are present to vote on the topic.