The board of directors monitors the strategic direction and performance of the company. To make informed decisions, it’s crucial that the board stays in touch with key leaders of the company and stays current with relevant reports and information. Board meetings are an excellent method to achieve this.
Board members typically meet in person, but with a growing number of people working remotely the use of teleconferences is becoming more common. The time of meetings can vary from a few times per year to every month.
Consider creating a portal that includes the latest board materials, as well as agendas for meetings that are pre-saved. This will help your directors focus on the most important issues and get the information they need quickly. Encourage pre-meeting discussion with peer directors to address any concerns or questions addressed so that meeting time can be devoted to discussing strategy rather than reviewing the numerous reports.
Board members typically spend the majority of their time discussing organizational performance reviewing any major developments since their last meeting and discussing key performance indicators (KPIs), and exploring possible strategies for the future. The board may also review and approve a list of existing or new business items. The board will close the meeting after this.
