A Board Meeting is an annual or bi-annual gathering where a company’s board of directors reviews the organization’s past performance and engages in strategic debates and approves actions to aid in the growth of the business. The board of directors examines the financial reports, human resources and management, to decide the direction in which the business will grow.
The agenda is drafted well in advance to allow for thoughtful and focused discussion on the most important issues, as with a clear timetable. A boardroom solution such as Lifesize’s OnBoard ensures that discussions are focused, streamlined and maximize the time for each discussion.
It is crucial to start with the most critical items on the agenda and move down. This will stop members from being overwhelmed by lengthy reports and other topics that are not relevant to the discussion. The meeting should be dedicated to discussing strategies and how to advance.
After the board has decided on a course of action, it’s time to vote. Voting is conducted via secret ballot with the Chairman directing the process and counting votes. Transparency and objectivity are important, so it’s crucial to have a neutral person watching the voting process. It is important to have an independent board member who is not connected to your business.