Board meetings are a great opportunity to discuss the different opinions and perspectives of board members, as well as to examine issues from various perspectives. However, the multitude of perspectives and the nature of these discussions can be a challenge to navigate without wasting valuable meeting time or missing key aspects.
The director in charge of the board should send an agenda prior to all attendees, including a description of the purpose and structure of the meeting. The agenda should be distributed at least 24 hours before the meeting begins in order to give directors time to read it thoroughly. This is vital to ensure that the meeting on track and on time. Anyone with issues to discuss must submit them prior to the meeting so that they can be included on the agenda and discussed at the time of the meeting.
During the meeting board members discuss issues that have an immediate impact on the company and determine the best way to address the issues. For instance the board could decide to shut down a division or expand into a new territory, or hold profits instead of distributing them to shareholders. The chief officers take the decisions once they have been taken. They then share the information to their departments.
It is also important to remember that the management of a company is typically delegated to the board, either in a unanimous manner or through a majority vote at an annual board meeting. Thus, it is the responsibility of each member to make sure that their decision is in the best interest of the company.