The executive committee is a subcommittee to the board of directors, which is an organization’s governing body that oversees management and sets the company’s strategy. The members are elected by shareholders or members, and meet regularly to review the company’s financial performance, formulate policies, and appoint senior managers. It is also the governing body that ensures that good governance procedures are followed.
Executive committees, in contrast to the full board are smaller groups that have close ties to their leaders. They can meet swiftly and with short notice in order to discuss major issues, for example, urgent workplace issues, strategic decisions, or organizational supervision. They’re usually accountable for ensuring that board members are aware of their responsibilities and roles and are the ones who lead in providing effective governance training. They could also be accountable for appointing new CEOs as well as conducting evaluations of the performance of CEOs and reporting the results to the board.
The executive committee is the steering wheel of the board, and it decides what issues it should prioritize. However, it is essential that the executive committee is fully transparent with the rest of board on its decisions and adheres to the board’s guidelines. It is suggested that, to accomplish this the executive committee be an ongoing committee of the board with a fixed term and formal terms. This will allow the board to easily see the issues that have been addressed by the executive committee and that require the attention of the entire board.
https://boardroomsupply.com/tips-to-organize-an-efficient-online-board-meeting/