Board meetings allow for the diverse opinions of board members to be exchanged and problems to be studied from several perspectives. However, the number of perspectives and the nature of these discussions can be a challenge to navigate without wasting precious meeting time or overlooking important elements.
The presiding director should distribute an agenda to all attendees in advance that includes a description of the purpose and structure. This document should be distributed at least 24 hours prior to the meeting in order to give directors time to read it thoroughly. This is vital for keeping the meeting in good order and on time. If you have any issues to discuss, please make them known prior to the deadline so that they can be added to the agenda and discussed during the meeting.
During the meeting board members discuss issues that have a direct impact on the company and come up with solutions to tackle the issues. For instance the board can decide to close the division or expand into a new area, or keep profits instead of giving them away to shareholders. After the decisions have been taken, they are then implemented by the chief officers who communicate the details of these changes to their departments.
It’s important to keep in mind that the management of a company is typically delegated to the board, either in a unanimous manner or through a majority vote at a board meeting. It is the responsibility of each member of the board to ensure that their decisions are in the best interests of the company.