Have them compare the most recent board minutes with the previous meeting. Answer questions such as: Are the board members making progress toward their goals? Which topics carried over from one meeting to the next? What is the tone of the meeting?
If students are currently working, have the students make sample board meeting agendas and sample board meeting minutes for their company. If the students don't work, have them create fictional companies at the beginning of the term so they can discuss things using their own practical examples.
Good luck!