OpinionBoardroom Meeting Best Practices

19:00  31 december  2021
19:00  31 december  2021 Source:   pressfrom.com

A well-conducted boardroom meeting indicates a high-functioning board. However, running a board meeting can be a daunting task if you are not familiar with board meeting protocol and procedure. That's because adopting boardroom meeting protocols ensures board members are well-prepared and are using their resources effectively.

So, what is a boardroom meeting and how to make sure it’s efficient? We’ll investigate it further.

Boardroom definition

A boardroom or board room, also known as a board meeting room — is a room where board members conduct board meetings. The boardroom’s primary function is to house key discussions of the organization’s shareholders and other high executives.

The purpose of a corporate board room meeting

Board meetings play a vital role in running an organization’s operations smoothly, especially when the board itself is authority. Thus, they are the point of discussion where they review the company’s performance, formulate policies, and provide forward-looking strategies to achieve the mission of the organization.

Who is part of a corporate board room meeting?

Large organizations tend to have dedicated board meeting rooms. A strong board also comprises chairpersons, high executives, independent non-executive directors, and the company secretary. The road they create for the board is essential to the productivity of the organization.

How to prepare for a board meeting?

As there is an old saying that goes, "A team is as strong as its weakest members." That's why every member should actively participate in meeting preparations, or else the board will not be able to accomplish the results it's seeking.

How to prepare for a board meeting: Tips and tricks

Take meetings preparation to the next level by incorporating the following recommendations

  • Study the agenda and meeting material. No meeting can be successful if you poorly prepare to board! Yes, board members often overlook the importance of reading important board materials before the meeting. Yet, studying the board's agenda and other essential documents enhances engagement and allows board members to focus on strategic planning rather than informal reviews.
  • Take notes. It is nearly impossible to review a document of 100 pages and memorize all the key points so you can bring them up at the time of board discussion. Hence, it’s always a good practice to jot down important points. The good news is, with digital SaaS solutions, you can do that by utilizing annotation features that come with board portal software.
  • Make sure you complete assigned tasks beforehand. Putting assigned projects and tasks on delay not only hampers the productivity of the organization but reduces work engagement. Hence, always stick to the deadlines.
  • Build a positive team atmosphere. Setting board goals, sending out meeting agendas as early as possible are crucial components of preparing meetings. But besides that, it is crucial for the board of directors to work on building a positive team atmosphere. Try to make board members' roles known, encourage healthy talks, and appreciate their work as often as possible.

How to run a board meeting?

Are you ready to conquer your next board meeting? Here’s what you can do:

  1. Recognizing quorum. In understanding how to conduct a board meeting, the first thing a chairperson is supposed to do is determine the quorum. The minimum number of directors required to form a quorum is listed in the company's charter or bylaws.
  2. Calling a meeting to order. Next comes calling the meeting to order. For doing this, the vice president or chairperson should send out the meeting agenda to all board members. Only afterwards can they focus on other routine matters, such as welcoming new members and greeting existing members on board.

    Don’t know how to call a meeting to order? Here’s how the chairperson can call a meeting to order in a simple statement such as, "I call this meeting to order at 11 a.m on Monday, December 27, 2021."
  3. Approving the agenda. Albeit setting a meeting agenda before hosting a board meeting is essential for forward-looking strategies, approval of the agenda is what matters the most. Yes, the chairperson can ask board members to share their views on the agenda and if there is any room for amendments and additions. That’s where board portals come in very handy as they feature voting tools that, in turn, track votes for the approval of the agenda.
  4. Keeping a track of meeting minutes. Taking care of meeting minutes helps board directors keep track of the company’s performance and saves time. Also, you can use them to hold members accountable for the next steps.
  5. Maintaining effective communication. It’s essential to keep the communication channel unified and make sure everyone is on the same page. Board members should present past reports so the board of directors can assess if they are moving towards their strategic goals or re-formulate the policies.
  6. Closing a meeting. For closing, the vice president or chairperson will thank all the members who participated in the board meeting and declare that the meeting is adjourned. But what should a leader do just before closing a meeting? The final and most crucial step before closing the meeting, the chairperson should follow up with other board executives and review aspects involved in the meeting; discuss them thoroughly before the secretary writes up a formal note of the meeting.

Wrapping up

All-in-all, taking part in a board meeting helps you explore more, where you can learn more about the organization, its leadership, and how to bring success to the organization. We hope that this quick guide helped you clearly understand what a boardroom meeting is and how to conduct one successfully.

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