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A Board Meeting is an annual or bi-annual session in which a company’s board directors reviews the organization’s past performance, engages in strategic discussions and approves plans of action to support the growth of the business. The board of directors typically examines financial reports and human resources, management, and other areas, to decide how the company will grow across various departments or expand into new areas.
The agenda is drafted ahead of time to allow for a thoughtful and focused discussion of key issues, as well as a clear timeline. A boardroom solution such as Lifesize’s OnBoard ensures that discussions are focused, efficient and maximize the time for each discussion.
It is crucial to start by focusing on the most important items on the agenda and begin to work your way 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 devoted to discussing strategies and methods to advance.
After the board has settled on a course, it is time to vote. This is done via a secret ballot with a chairman monitoring the voting process and tallying the votes. It is crucial to have an impartial person supervise the voting process to ensure transparent and objectiveness. It is also beneficial to have an independent director who isn’t directly involved in the business on the board.
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