What is the typical role of a Senior Management Team in organizations?
I work for a small company and we have recently formed a formal senior management team (basically managers or directors of each department, handpicked by the CEO). The team meets regularly, but from what I've seen is mostly a meeting where they update each other on what is happening with their departments and overall goals they have.
I am wondering whether such "senior management team" would do more than just meet and chat for 1 hour every week... how is this accomplished in your companies? Any thoughts on who, how, when, and what?