4.4 Frequency of Board Meetings

For early stage technology companies, Board meetings should be held monthly. With the rapid change of business issues, and the need of management for regular guidance, meetings need to be held monthly to keep Directors informed and to provide timely guidance to management.

At least every quarter, the Board should receive a full update or Operations Review from management on the annual Operating Plan and Budget. Please see related document Sample Board Agenda.

Some very early stage companies have weekly Board meetings. Some inexperienced management teams may require this level of review to avoid ill-considered decisions. However, if the Board is meeting weekly, it is effectively reviewing every decision, and is de facto a part of senior management. Arguably, this is more control than a Board should exercise.

As the company matures, and management gains experience, the Board can relax its frequency to six weeks, of which every second meeting could be a teleconference. Eventually, in mature companies, quarterly meetings is the norm.