Board meetings are scheduled regularly events where the company’s leadership is able to meet with key stakeholders in order to discuss business issues of importance. It is essential that the board of director’s remain in contact and on the same page, especially during critical moments such as an M&A deal or even a potential threat. A consistent agenda will ensure that meetings focus on the most important business issues, instead of rehashing outdated information.
The most important element of the board meeting is discussion of the company’s strategic direction. The board must discuss strategies and develop an implementation plan to encourage progress. It is beneficial to work together on the challenges that the business might face and create strategies to overcome them.
Department or committee heads will usually provide reports to the board during this segment of the meeting. These reports may include milestones, financial results and KPI’s along with product roadmaps, improvement, and organizational performance. This section is typically devoted to discussing future strategies and assessing if the organization is on the right path to achieve its goals.
The board will then look over any items that have not been resolved or need formal approval. Based on the company the board can vote on a wide range of topics such as amending the corporate’s articles of incorporation and approving certain transactions or ratifying a prior decision by the board. To vote on a topic it is crucial that a majority of the board members are present.