A board of directors meeting is when a company’s most important decision makers come together to discuss reports, make decisions, and set the vision for the way in which an organization will operate. These decisions can have a huge impact on the company. They can impact everything from the composition of a team’s management to making company policy, and even approving grant of stock options. This is a crucial time for the company and it requires the collective wisdom of its most influential executives to guide the organization through the complex process of decision-making.
The first step is deciding on an appointment time that will permit a sufficient number of members to form the Quorum. It’s also important to avoid conflicts with members who have unique insights regarding the issues to be discussed. It’s then time to prepare a board package which includes all pertinent financial information, statistics and projections. Boards can utilize online tools such as Google Docs to create their packages, which are collaborative and include a voting system that allows for quick decisions.
In the actual meeting, the board goes over the minutes of the meeting and reviews any new business that has emerged. Directors who have conflicts of interest should declare them and remove themselves. After the main topics are discussed, the board can be adjourned if any procedural matters are settled.
It’s easy to forget that your board members, though powerful, are also human beings. They will have their own opinions and strengths. They may not be as sharp or as thoughtful as you think, they could get frustrated and confused, and be as everyone else whining. ).