Board Meeting Facts are an essential element of a good corporate governance system and could be vital to the success of a business. A board that is complacent and only slaps its stamp on what management proposes on the agenda may not be doing its job, and could put the business at risk.
Board meetings can be lengthy and boring It’s easy to lose the time spent in listening to reports or debating irrelevant matters. The effectiveness of a meeting can be influenced by a variety of factors, including the way the agenda is arranged and the amount of time devoted to substantive subjects and issues, and the rules for conducting the meeting.
The rules for meetings can differ from one board to the one following, but they should be laid out in an unambiguous and consistent manner that ensures consistency and transparency. Certain rules could be dictated by law (e.g., quorum requirements) or be determined by the board’s bylaws or common law.
Meeting minutes should be clearly documented with attendance records, including the percentage of attendees required to constitute the sufficient quorum. It is also important to record who was present at the meeting – for example, if board members were absent or when they were participating remotely (see our article on Board Members’ Attendance). It is essential to keep an outline of each discussion, and also the time that was spent on each topic. This will help in managing time and avoid repeating details at subsequent meetings.
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