Board Meeting Facts
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Board Meeting Details:
Contrary to popular belief, the board of directors don’t make most of the decisions at your company. Although they are able to make decisions in certain high-impact areas (in a venture-backed company the majority of these decisions are listed in the investment and governing documents) the majority of important decisions are taken up by committees or the CEO/management team with input from the board.
The majority of board meetings are focused on policy, planning and oversight, rather than business operations. The decisions of a board can have an impact on the company. This is why it’s important to design and run board meetings that allow for constructive discussions and outcomes.
To ensure that the board is well informed, it’s important to make sure all board members are aware. Distribute materials for the board prior to the meeting so that attendees can familiarize them with the material before the meeting. These documents should be short and clear enough to take no longer than an hour to review.
Next, set aside time for the board to discuss. Consider allowing attendees to contribute brief remarks or questions in an open forums, and arranging time for guest presentations by external stakeholders. Schedule time for the consent agenda, a section where routine or noncontroversial topics may be ratified by a simple vote and motion.
Finally, during board meetings discuss the procedure for making decisions. Decide if the purpose is to achieve consensus or if a formal voting procedure is to be followed and establish clear criteria to evaluate concepts. This will allow everyone to recognize their role in the process, as well as the possible negative consequences of a decision-making process that has gone wrong.