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Board Meetings: Facts
Contrary to popular belief your board of directors does not make the majority of the decisions for your company. Although they may have authority in certain areas of high impact (in an investment company that is venture-backed, these decisions are often defined in the governing documents and investment documents) However, the majority of important decisions are decided by committees or by the CEO/management with input from the Board.
Board meetings are usually focused on planning, policy and oversight rather than business activities. However, the decisions of a board can have a significant impact on the company. This is why it’s important to design and organize board meetings to encourage constructive discussions and results.
The first step is to make sure that all board members are well-informed. To facilitate productive discussions be sure to distribute the materials to board members in advance to allow attendees to be familiar with them prior to the meeting. Ideally, these documents should be clear and concise enough that they won’t take more than an hour for review.
Next, set aside time for board discussion. It is possible to allow attendees to ask questions or make short remarks in an open forum. Also, plan time for presentations by external stakeholders. Schedule time for the consent agenda, an area where routine or noncontroversial subjects can be ratified with a single motion and vote.
Also, be sure to communicate the decision-making process at board meetings. Determine if the objective is to achieve consensus or if a formal voting procedure is used and set clear criteria to evaluate concepts. This will enable everyone to recognize their roles and the potential consequences of a bad decision.