Board Meetings are regular events in which the management of the company is able to meet with key stakeholders in order to discuss crucial business issues. It is essential that the board of directors remains in contact and on the same page with each other especially during crucial times such as an M&A or a threat to the company’s existence. A regular agenda can ensure that meetings focus on the most important business issues rather than rehashing outdated information.
The discussion of the strategic direction of the organization is the most important part of any board meeting. The board should consider strategies and come up with an execution plan to help the company move forward. It is beneficial to work together on obstacles that the company might face and come up with a plan to overcome them.
In this portion of the meeting, the department heads or committee heads usually present a report to the board. These reports can include milestones, financial data and KPIs such as product roadmaps, improvement and organizational performance. This section is typically devoted to discussing future strategies and assessing whether the company is on the right course to achieve its goals.
The board will then go over any issues that haven’t been resolved or that need formal approval. Depending on the business the board can vote on a variety of topics such as changing the corporate’s articles of incorporation or authorizing certain transactions, or ratifying an earlier decision made by the board. It is essential to make sure that a quorum of the members are present to vote on the subject.
