The purpose of a good board meeting is to make informed decisions that propel the company forward. Board members should plan meetings collaboratively. They should go through the reports and documents, give feedback, and answer any questions. They should also engage in careful analysis and deliberation on strategic issues, which includes an in-depth review of current strategies and a plan for the future direction.
An agenda that is clear is the first step towards a successful board meeting. It should be distributed to participants prior to the meeting, and include all items that are to be discussed (e.g. the board package, the past minutes, proposed policies and committee reports). These documents will help participants prepare for the meeting. They also reduce time during the meeting by not needing to search for details.
After the board has discussed, reviewed and acted upon the information and reports, it’s time to take decisions. This is where the power of the board really lies. During this part of the meeting, the board must consider and agree on specific actions that should be taken to achieve the company’s goals. The chair must also call a rolling call to confirm a quorum, and ensure that all members of the board are participating in discussion.
When making a decision, it is beneficial for the board to bring in experts in the subject area within the organization. Having someone from the engineering department provide an update on the latest product or having a sales representative talk about a recent major win can give fresh perspective and encourage productive discussions. It’s also a great idea to bring virtual data room providers in external speakers to give the board more information on the relevant issues.