The board of directors is an essential decision-making body that is responsible for the company’s performance as well as its strategic direction. To make well-informed decisions, it is essential that the board is in contact with the key executives of the company and keeps up-to-date on relevant reports and information. Board meetings are an excellent way to do this.
Teleconferences are becoming more popular, as a growing number people work remotely. Meetings can be held at least once a week or twice a year.
Consider distributing a portal that contains the latest board materials and also agendas that are saved for meetings. This will help directors focus on the most important discussions and get the information they require quickly. Encourage pre-meeting discussions with fellow directors to have any questions or concerns addressed so that time can be spent discussing strategies rather than examining a litany of reports.
The board members usually spend the majority of their time discussing performance of the organization – going over any major developments since their last meeting, discussing key my company performance indicators (KPIs) and evaluating the future strategies. The board can also review and accept a list of old or new business items. After this the board will typically adjourn the meeting.
