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Board Meeting Facts:
Contrary, your board of directors do not make the majority of decisions for your company. While they may have some authority in a few areas that have a significant impact (in the case of a venture-backed business, these decisions are often defined in the governing documents and investment documents) However, the majority of the important issues are decided either by committees or by the CEO/management with the assistance of the Board.
Board meetings are typically more focused on the policies, planning and oversight tasks than business operations. The decisions made by the board could have an impact on the company. Therefore, it’s important to plan and conduct meetings for board members in a way that encourages constructive discussions and produces positive results.
To ensure that the board is well-informed, it is crucial to ensure that everyone is informed. Distribute materials for the board prior to the meeting to ensure that the attendees are familiar them with the information prior to the meeting. Ideally, these documents should be clear and concise enough to not take more than an hour to go through.
Then, you can allocate time for discussion on the board. Make sure that attendees have the opportunity to ask questions or offer brief remarks in an open forum. Also, schedule time for presentations by outside stakeholders. Make time for the consent agenda, an area where routine or noncontroversial subjects can be ratified with a single vote and motion.
Last but not least, share the decision-making process during board meetings. Decide if the purpose is to reach consensus or if a formal voting procedure is to be followed and establish clear criteria for evaluating ideas. This will help everyone know their role and the possible consequences of making a mistake.
