。
A board of directors was formed and discussed the new proposal.
Literal
Board-of-directors council [subj-が] be-organized-[passive-された] new proposal [obj-を] deliberated.
役員評議会 ('board of directors' council') is a compound noun formed by joining 役員 ('executive, officer'), 評議 ('deliberation'), and 会 ('meeting/council'). 組織される is the passive of 組織する ('organize, form') — the board was formed by some unspecified party. 協議する ('deliberate, discuss formally') is a heavy Sino-Japanese verb appropriate to corporate/legal register.