A board meeting is the formal gathering of a board of directors. The overarching goal is to keep track of the company’s progress, with members discussing corporate policies, financial performance and future strategy. The frequency of a board meeting depends on the organization and its needs. Most organizations hold board meetings 6-8 times per year.

 

The meeting is called to order by the board chair, given that a quorum or simple majority is present. The agenda for the current meeting and the minutes taken at the previous meeting must be reviewed and approved by the board to continue. Board members may request additions, amendments or deletions as needed. The board typically reviews the last meeting’s minutes before assessing the current agenda, to follow up on the topics they had previously discussed, evaluating progress and straightening out unresolved issues.

 

Officers, specifically the CEO and CFO, as well as committee chairs present their reports to the board, offering specific operational updates. The CEO may share activities and accomplishments or issues encountered since the last meeting, or upcoming strategic initiatives. The CFO typically presents a financial report, reviewing financial statements, budget performance, capital expenditures, funding and liquidity of the business.

 

Unfinished items that have been discussed but need formal approval, known as old business, are voted on. New business items are introduced and discussed but typically not voted on at the time. These items may include major decisions related to budgeting, strategic plans, mergers and acquisitions and policy changes.

 

The board reviews key performance indicators, typically across areas of finance, operations, sales and marketing, human resources, customers and clients and strategy. Members often focus on revenue growth, profit margins and expenses, alongside timeliness, budget adherence and outcomes of key projects. They identify areas where performance may be lagging and set action plans aimed to improve such gaps.

 

At the end of the meeting, announcements that do not require immediate input from board members are made. The chair formally adjourns the board meeting after about 1-3 hours and follows up with the CEO to review before the meeting record is completed.