Board meetings are scheduled on a regular basis and allow the management of the company to meet with key stakeholders in order to discuss crucial business issues. It is vital that the board of directors remain in contact and on the same page, especially in critical times such as an M&A deal or a threat to the company’s existence. A regular agenda and structure help to ensure that meetings are focused on the most pressing business issues rather than rehashing the same old news.
The most important aspect of an executive board meeting is the discussion of the organization’s strategic direction. The board should review the organization’s strategies and develop a plan of action to promote progress. It is also helpful to collaborate on any obstacles the company might face and develop a plan of how to tackle them.
During this portion of the meeting, the department heads or committee heads typically submit a report to the board. These reports may include milestones such as financial results and KPI’s, product roadmaps and improvement, and organizational performance. This section is usually devoted to discussing future strategies and assessing if the organization is on the right path to achieve its goals.
The board will then review any items that have not been resolved or need formal approval. Depending on the business the board could vote on a variety of topics such as amending the company’s articles of incorporation and approving certain transactions or ratifying an earlier decision by the board. It is important to ensure that a majority of members are present to vote on the subject.
