Portfolio Review Board Minutes Template – Free Word Download
Introduction
In a mature project management environment, the Portfolio Review Board (PRB) acts as the “Investment Committee” of the organization. While project managers focus on doing the work right, the PRB focuses on ensuring the organization is doing the right work. This body meets regularly (typically monthly or quarterly) to review the health of the entire project portfolio, approve new initiatives, and most importantly reallocate resources or kill underperforming projects. The Portfolio Review Board Minutes are the formal, legal, and operational record of these high-stakes decisions.
Documentation for these meetings is often neglected or reduced to a few bullet points in an email. This is a significant governance failure. These minutes serve as the primary audit trail for capital expenditure (CAPEX) and strategic pivots. If a project is cancelled after spending a million dollars, the PRB minutes must reflect the data, the debate, and the justification for that decision. Conversely, if a new “high-priority” project is fast-tracked, the minutes must record the trade-offs: which other projects were delayed to make room for it?
This template provides a rigorous structure for recording the outcomes of a PRB meeting. It is designed to be concise yet authoritative, focusing on “Decisions Made” and “Actions Required” rather than a transcript of who said what. It follows the “Decision-Action-Info” model of minute-taking, ensuring that anyone reading the document after the meeting knows exactly what they need to do next. Use this template to instill a sense of accountability and discipline in your executive leadership team, ensuring that project governance is treated with the same seriousness as financial reporting.
Section 1: Meeting Metadata and Attendance
1.1 Meeting Details
Instructions:
Establish the context of the session. This is vital for maintaining a chronological governance history.
- Portfolio Review Date: [Date]
- Meeting Time: [Start/End Time]
- Location / Meeting Link: [Room Name or Digital Link]
- Recording Status: [Was the session recorded? Yes/No]
- Quorum Met: [Yes/No. (Typically 50% or more of voting members must be present for decisions to be binding).]
1.2 Attendance Record
Instructions:
Document who was in the room. This identifies the decision-makers responsible for the outcomes recorded in this document.
Table 1.1: Attendee List
| Name | Role | Title | Attendance Status |
| Example: Sarah Jones | Chairperson | Chief Financial Officer (CFO) | Present |
| Example: Mike Ross | Member | Chief Information Officer (CIO) | Apology |
| Example: Anna Lee | Member | VP of Operations | Delegate (Represented by J. Doe) |
| [Insert Name] | [Member/Guest] | [Job Title] | [Present/Absent] |
Guidance:
“Delegates” are common in executive meetings. Ensure you record if the delegate had voting rights for that session.
Section 2: Review of Previous Minutes and Action Items
Instructions:
Before moving to new business, the board must confirm that previous instructions were carried out.
2.1 Approval of Previous Minutes
- Motion: To approve the minutes of the PRB meeting held on [Date of Last Meeting].
- Outcome: [Approved / Approved with Amendments / Rejected]
- Amendments (if any): [e.g., “The budget for Project X was listed as $100k; it should have been $110k.”]
2.2 Status of Outstanding Action Items
Instructions:
Only review “Open” items. Closed items should be moved to the archive.
Table 2.1: Action Item Tracker
| Item ID | Assigned To | Task Description | Current Status | Revised Due Date |
| PRB-042 | CIO | Review vendor security audit for Project Gamma. | Closed | N/A |
| PRB-045 | VP Ops | Provide headcount capacity for Q3 Warehouse pilot. | In Progress | Nov 15 |
Section 3: Portfolio Health and Performance Dashboard
Instructions:
The PMO Lead typically presents a high-level overview of the entire portfolio. This is a “birds-eye view” of risk and spend.
3.1 Aggregate Portfolio Metrics
- Total Projects in Flight: [Total Number]
- Total Portfolio Budget: [Amount]
- Current Spend (YTD): [Amount]
- Schedule Variance (Aggregated): [e.g., “Average 2 weeks delay across the portfolio.”]
3.2 “Red Light” Project Reviews
Instructions:
The PRB should not spend time on “Green” projects. Focus only on projects that are failing or in jeopardy.
Table 3.1: Exception Reporting
| Project Name | Status | Key Issue | PRB Decision / Guidance |
| Cloud Migration | RED | Critical skill gap in Kubernetes. | Approved budget for 3 external contractors. |
| Marketing App | AMBER | Scope creep from regional leads. | Enforce strict “No Change” policy until V1 launch. |
| ERP Upgrade | RED | Vendor failed the UAT gate twice. | Issue formal Notice of Default to vendor. |
Tips for Success:
Minutes should record the “Logic” of the decision. If the PRB decides to continue a “Red” project, explain why (e.g., “The board recognizes the risk but deems the project mission-critical for regulatory compliance”).
Section 4: New Project Intake and Approvals
Instructions:
Review the requests submitted via the Project Intake Form (Template 77) or Business Case.
4.1 New Project Proposals
Table 4.1: Selection Matrix Outcomes
| Proposal Name | Strategic Pillar | Est. ROI | PRB Decision | Next Step |
| Solar Array Ph 2 | Sustainability | 7 Years | APPROVED | Assign PM; Kick-off |
| AI Chatbot | Customer Exp | High | PILOT ONLY | Report back in 30 days |
| Office Renovation | Ops Efficiency | Low | REJECTED | N/A |
Guidance:
For “Rejected” projects, the minutes must clearly state the reason to prevent the requestor from resubmitting the same idea next month without changes.
- Example Reason: “Project rejected due to lack of alignment with current 2026 cost-saving mandates.”
Section 5: Resource Allocation and Capacity Balancing
Instructions:
This is where the PRB manages the organization’s “bandwidth.” Referencing the “Organizational Capacity Assessment” (Template 66), the board must resolve conflicts.
5.1 Resource Conflict Resolution
- The Conflict: [e.g., “The IT Security team is required for both the ‘Data Center Move’ and the ‘Mobile App Launch’ simultaneously.”]
- The Decision: [e.g., “Prioritize ‘Data Center Move’ as it is a foundation for all other projects. Delay ‘Mobile App’ start date by 6 weeks.”]
5.2 Hiring and Outsourcing Approvals
- Decision: [e.g., “Approved the hire of 5 temporary staff for the Finance Department to allow permanent staff to focus on the ERP rollout.”]
Section 6: Strategic Alignment and Pivot Decisions
Instructions:
Sometimes the external market changes, making an active project obsolete. This section records strategic “Pivots” or “Cancellations.”
6.1 Project Terminations (Sunsetting)
- Project Name: [Name]
- Reason for Termination: [e.g., “Change in market conditions; competitor released a superior product; ROI no longer viable.”]
- Disposal Action: [e.g., “Harvest code for future use; reallocate 4 developers to the Cyber project immediately.”]
6.2 Portfolio Re-prioritization
- Instructions: If a new emergency project comes in, what gets pushed down the list?
- Change: “The ‘Regulatory Audit’ project is now Priority 1. All ‘Nice-to-Have’ UX improvements are moved to Priority 4.”
Section 7: Budget and Financial Approvals
Instructions:
Record any changes to the financial baseline.
7.1 Budget Augmentation Requests
- Project: [Name]
- Request: [Additional Amount]
- Reason: [e.g., “Unexpected hardware price increase due to supply chain issues.”]
- Decision: [Approved / Denied / Approved from Contingency Fund]
7.2 Capital Release
- Decision: “Authorized the release of Phase 2 funding ($500k) for Project Delta following the successful completion of the Prototype Gate.”
Section 8: New Action Items Summary
Instructions:
List every new task generated during this meeting. This is the “To-Do” list for the next month.
Table 8.1: New Action Items
| ID | Action Item | Owner | Deadline |
| PRB-050 | Draft termination letter for Vendor Z. | Legal / PMO | Jan 20 |
| PRB-051 | Update the Resource Heatmap for Q3. | PMO Lead | Jan 25 |
| PRB-052 | Schedule deep-dive for Project Alpha. | Chair | Feb 01 |
Section 9: Meeting Close and Next Session
- Closing Remarks: [Summarize the tone of the meeting. e.g., “The board expresses concern regarding IT capacity but is pleased with the Marketing rollout.”]
- Meeting Adjourned: [Time]
- Next Meeting Date: [Date]
- Next Meeting Focus: [e.g., “Annual Planning and 2027 Budgeting.”]
Section 10: Approval and Distribution
Instructions:
The minutes must be formally signed by the Chairperson before being distributed to the project community.
10.1 Chairperson Approval
“I verify that these minutes are an accurate and complete record of the decisions made by the Portfolio Review Board.”
__________________________________ Date: ______________
[Name], Chairperson (e.g., CFO/CEO)
10.2 Distribution List
- [ ] All PRB Members
- [ ] All Project Managers (via PMO Portal)
- [ ] Finance Department
- [ ] HR / Resource Management
Conclusion – Portfolio Review Board Minutes Template – Free Word Download
The Portfolio Review Board Minutes are the heartbeat of organizational governance. They transform a messy hour of executive debate into a clear, actionable directive for the entire company.
By maintaining high-quality minutes, the organization protects its leadership from ambiguity. There is no confusion about which projects are approved, which are on hold, and who is responsible for the next step. This document is the “Source of Truth” that prevents departmental silos from pursuing their own agendas at the expense of the corporate strategy.
Store these minutes in a secure, centralized repository. They are historical documents that provide invaluable data for “Post-Implementation Reviews” and annual audits. Over time, these minutes tell the story of the company’s evolution: the risks taken, the failures survived, and the strategic bets that paid off. Consistency in this documentation is the hallmark of a world-class project culture.
Meta Description:
A formal Portfolio Review Board (PRB) Minutes template to record project approvals, cancellations, resource reallocations, and strategic governance decisions.
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