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Board of directors meetings are when the most important decision-makers in an organization gather to discuss and make decisions. They also determine the vision of how an company will develop. These decisions have a major impact on the company. They can affect everything from determining the composition of a management team, setting company policy and even giving approval to the grant of stock option. This is an important time for the company and the collective wisdom of the most influential leaders will be required to guide the organization through the complex decisions.
The process begins by determining a meeting date that suits enough members to form a quorum, but also tries to avoid conflicts with key members who can provide unique perspectives on upcoming issues. It’s then time to prepare the board’s package that includes all relevant data, financial information, and projections. Boards can create their package using online tools such as Google Docs, which can include a voting system as well as be collaborative.
The board reviews the minutes of the last meeting at the time of the actual meeting and discusses anything new that has been brought up. Any directors with potential conflicts of interests are asked to disclose those and recuse themselves from any discussion. After the main topics have been discussed, the board is able to adjourn if any other procedural matters are addressed.
It’s easy to forget that even though your fellow board members are influential, they’re also simply people. They will have their own opinions and strengths. They might not be as intelligent or shrewd as you think and may be confused and annoyed, and just like all of us, they’ll be prone to whining (even the best ones! ).
