Board Meetings Facts:
Contrary to popular belief the board of directors does not make the majority of decisions for your company. They are, however, able to make decisions on some high-impact areas (in the case of a venture-backed company the majority of these choices are described in the investment and governance documents) the most important issues are decided by committees or the management team of the CEO with the input of the board.
Board meetings are typically more focused on the policies, planning and oversight duties than business operations. The decisions of the board could have an impact on the business. Therefore, it’s important to organize and conduct meetings for board members in a way that encourages discussions and produces positive results.
The first step is to make sure that all board members are aware. Distribute board materials ahead of time so that attendees can familiarize them with the information prior to the meeting. Ideally these documents should be concise and clear enough that they don’t need more than an hour to review.
Then, plan a time for the board to discuss. Consider allowing attendees to contribute brief remarks or queries in an open forum, and planning time for guest speakers from outside stakeholders. Make sure you set aside time to have a consent agendawhich is a portion of the meeting where routine or non-controversial topics can be ratified with the simple motion and vote.
Last but not least, share the process of decision-making during board meetings. Determine if the objective is to achieve consensus or if a formal vote procedure will be used and establish clear guidelines for evaluating the ideas. This will allow everyone to recognize their roles and the possible negative consequences of making a poor decision.
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