Board Meeting Details
Contrary to popular belief, the board of directors does not take the majority of decisions for your company. Although they are in charge of some high-impact areas (in the case of a venture-backed company most of the decisions are outlined in the investment and governing documents) the most important issues are taken up by committees or the management team of the CEO with the input of the board.
Board meetings tend to be more focused on the planning, policy and oversight functions than on business operations. The decisions of a board can have significant consequences for the company. This is the reason it’s essential to design and organize board meetings that allow for constructive discussions and results.
To ensure that the board is well-informed it is crucial to ensure that all board members are aware. To ensure that the board has productive conversations make sure to distribute the board’s materials prior to the meeting so that attendees can familiarize themselves with them before the meeting. The documents should be concise and clear enough to take no more than a half hour to review.
Next, set aside time for the board to discuss. You might want to consider allowing attendees to submit brief remarks or queries in an open forums, and arranging time for guest speakers from external stakeholders. Set aside time for the consent agenda – a section where routine or noncontroversial issues can be ratified with a single vote and motion.
Last but not least, share the decision-making process during board meetings. Determine if the goal is to reach a consensus or employ the formal voting process and establish specific criteria for evaluating the new ideas. This will help everyone recognize their role in the process, as well as the possible negative consequences of a decision-making process gone awry.
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