A Board Meeting is an annual or bi-annual meeting at which the board of directors of a firm evaluates its past performance, engages with strategic discussions, and approves action plans to support the expansion. The board of directors reviews the financial reports, human resources and management to decide on the direction in which the business will grow.
The agenda is designed prior to the board meeting to ensure an intelligent discussion on key issues and a clear timetable for each item. A boardroom solution such as Lifesize’s OnBoard ensures that discussions are focused, efficient and maximize the time for each discussion.
Start with the most important items and work your way backwards. This will help keep members from being overwhelmed by long reports and routine items that don’t contribute much to the discussion. Ideally, the majority of the meeting should be dedicated to defining strategies and discussing strategies to advance.
After the board has deliberated and agreed on a course of action it’s time to vote. This is accomplished through an anonymous ballot with the chairman monitoring the voting process and counting the votes. It is crucial to have a neutral individual oversee the voting process to ensure transparency and objectivity. It is also helpful to have an independent director who isn’t associated with your business on the board.