This is the part of the board work that people imagine. It's not the largest amount of time that directors will spend on the company, but it is where the gold happens.
You've brought these people together, in this forum, to think at a very high level about your company. They'll bring wider perspectives and a longer-term view. They'll help challenge and strengthen your strategy and plans. Because of their experience these people are either expensive to bring in (the cost of independent directors), or expensive in terms of taking your top people away from the business for the day.