Meetings of the board are essential for aiding in the achievement of company goals, avoiding conflict and ensuring compliance with regulatory specifications. But they will only be successful if everyone is committed to maintaining an open and constructive dialogue. By applying these best practices you can transform your Board meetings into powerful engines that propel your organization towards its long-term vision and goals.
Establishing clear expectations and meeting procedures is the first step in conducting VDR in M&A processes a well-organized board meeting. It is crucial to establish who is responsible for each item on the agenda and ensure that all participants know what to expect.
By establishing and adhering to time limits for each item on the agenda, you will be able to keep your focus throughout the meeting. It also lets the attendees know that their time is appreciated. It is a good idea to limit the number items on your agenda so that your board members have time to discuss each item effectively. Voting on non-controversial issues can be done via a consent agenda, which frees up time to discuss strategic issues. Use visual tools like countdown timers and adhere to the time frames you have set, especially when addressing sensitive issues.
Discussions that are tangled can lead to lengthy meetings that can detract from achieving goals. Include an “parking area” on the agenda to include subjects that require further research or consideration but aren’t the top of your priority list. Be sure to regularly revisit the parking area to see what needs to be investigated further, added to the agenda or delegated as an assignment.