Story: All-in podcast
I listen to the All-in podcast every week. The 4 investors talk about the issue in the United States. On February 19th, 2022, it mentions the board meeting. An investor attends a board meeting and influences the CEO and management. I know the word, board meeting, but I don’t know exactly what the board meeting is, what talking about, how it works.
A Board Meeting is a formal meeting for directors(inside and outside) of an organization and review performance, adjust policy issues, present major problems and perform the legal business of the board.
Many employees who work at the organization may not involve in it directly, but every organization has a CEO and directors and make a decision for the company. It automatically influences the employee. Regardless of the title, everyone should know how your organization works with the board meeting.
Forming and Managing a Board of Directors
©Stanford Graduate School of Business
– Choose board director wisely
– Don’t choose a lawyer as a board director
– Having a lawyer as a board member
– 5 to 7 participants
– Giving up control aboard
– Share the agenda before
– Talk during the board meeting
– Board meeting is for strategy rather than operation
– Honest
Reading is not good for a lecture.
Startup Boards: How To Run a Board Meeting
©Kauffman FoundersSchool
– Prepared, financial, products, sales, strategy, etc
– Know your expectation
– 2-4 hours, but it’s up to the company circumstance
– Share documents in advance
– Real conversation during the meeting
– Attendance and engagement
– Break and manage schedule
– Send a note with a recap of the key discussion
– Scheduling
Startup Boards: Board Functions and Responsibilities
©Kauffman FoundersSchool
– Governance of the company
– Hire/fire CEO
– Responsibility for the best of the company
– Confidential
– CEO role is to run a company
– CEO keeps transparency on the board
– Board checks compensation of CEO
– Audit, evaluate performance and perspective
– Help growth
Startup Boards: Forming & Organizing Your Board
©Kauffman FoundersSchool
– 3 to 7 members
– 1 outside board member
– Balance of board member
– Equity for compensation
– 4 years term, 0.5 to 1% equity
– Lead director, chairman = CEO?
Startup Boards: Choosing Your Board Members
©Kauffman FoundersSchool
– Building board, learn each other
– It’s a long journey, good relationship
– Diversity of experience, background
– Define what you are looking for
– Let a member know your expectation
How To Run An Effective Board Meeting
©Goldman Sachs
This is the list of consultant aspects. The last one sounds like CEO roll though I can see how elite consultant works.
– Build trust of the board
– Prepare in advance
– Keep your board pack consistent
– Stick the schedule
– Follow up & set expectation
Conclusion: High-standard
I have both experience meaningful meetings and totally meaningless. Once the board member gets used to the board meeting, it just follows the agenda, low energy, wastes time, makes no fruits.
I have a meeting in March and I will be a facilitator. It’s not a board meeting, but I can apply what I learned. I am going to change the mood of the member and make progress.
