Board Meeting Information:
Contrary to popular belief your board of directors does not make the majority of decisions for your company. They are, however, able to make decisions on certain high-impact aspects (in a venture-backed company and many of the decisions are outlined in the governing and investment documents) The majority of the important decisions are decided by committees or the CEO/management team with input from the board.
Board meetings are usually focused on planning, policy, and oversight functions instead of business operations. Nevertheless, a board’s decisions can have a significant impact on the company. It’s therefore important to plan and run meetings for board members in a way that encourages constructive discussion and produces results.
The first step is making sure that all board her explanation members are well-informed. In order to facilitate productive discussions, distribute board materials in advance, so that attendees are able to be familiar with them prior to the meeting. Ideally, these documents should be concise and clear enough that they don’t need more than an hour to go through.
Next, set aside time for the board to discuss. Consider allowing attendees to contribute brief comments or questions in open forum, and scheduling time for guest presentations from external stakeholders. Set aside time for the consent agenda – an area where routine or noncontroversial subjects can be approved with a simple motion and vote.
In the final meeting of the board Explain the process for making decisions. Decide if the purpose is to achieve consensus or if a formal vote procedure is to be followed and set clear criteria to evaluate concepts. This will allow everyone to be aware of their roles and the possible consequences of making a mistake.