First Board Meeting: Discussion and Decision Making

Successful development of joint-stock companies requires owners and managers to develop effective tools and mechanisms for business management and coordination of interests between shareholders. So, how to speed up the convocation and holding of board meetings?

The procedure of the first board meeting

The first board meeting should be convened immediately after the announcement of the results of voting on the issue of electing the board of directors of the company.

At the first meeting of the board of directors, the following issues are necessarily resolved:

  • on the election of the chairman of the board of directors;
  • on the election of the deputy chairman;
  • on setting the date for the second meeting of the board of directors;

Members of the board of directors are informed about the collection of proposals from them on issues that need to be included in the plans of meetings, as well as on candidates to the committees and commissions of the board of directors. These proposals must be submitted to the secretary of the company between the first and second meetings.

The purpose of minutes of board meeting

When preparing and holding board meetings, a lot of time is spent on forming the agenda, minutes and sending instructions. The board secretary and chairman should agree on what to include in the board’s minutes.

Meeting minutes are an integral part of any meeting. The protocol helps to track the implementation process of all decisions that were made at the general meeting. In addition, he takes into account all the important information, forgetting about which, you can refer to this document. The basis of the document includes an indication of all the issues that are raised and resolved during the meeting. The main part of the protocol is the question that is discussed in the circle of participants, but before that, some questions should be indicated.

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Most often in organizations, the company secretary is responsible for keeping the minutes. He should know the logging system to maximize the effectiveness of the event. Among other things, the meeting uses prepared documents, reports, agendas, lists of participants, texts with reports, etc. The protocol created at the event itself is a draft. After the meeting, the draft is edited, drawn up and after three days a finished processed document appears.

How to organize board meetings with the board portal?

The software for organizing the activities of collegial bodies has become one of the important criteria for assessing the effectiveness of their work,

The board portal covers the daily tasks of the secretariat of the board of directors:

  • meeting management – easily scheduling and creating Board meetings, and inviting attendees to board meetings;
  • organization of document flow – management of the life cycle of documents, information, and personal files necessary for meetings;
  • board of directors document folder – one-click creation of personalized directories;
  • collaboration – efficient voting, electronic signature, and document review;
  • manage multiple boards of directors – manage all boards of directors centrally, in one working environment.

The software enables eliminating the above-described shortcomings of the corporate governance process and ensure the effective organization of the entire cycle of work with meetings: preparing the agenda, holding a vote, recording discussions and decisions, tracking the execution of orders with the possibility of online and offline work, while ensuring high-level protection of transmitted data in accordance with the requirements of regulators.

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