A board meeting that runs three hours is not a sign of a diligent board. It is usually a sign of a meeting that started without a decision list.
Put decisions on the agenda, not topics
An agenda item called "Landscaping" invites discussion with no end condition. An item called "Decide whether to accept the landscaping quote at the budgeted amount" has one, and everyone in the room can tell when it has been reached.
Every item should be one of three things: a decision to take, information to receive, or a matter to defer with a named owner. If it is none of those, it does not belong on the agenda.
Send the package before, and mean it
Directors who read the package in the meeting are directors who discuss it in the meeting. The fix is not asking people to read faster; it is sending a package that is short enough to read and early enough to be read.
A board that circulates the quotes, the statements and the draft minutes ahead of the meeting can spend the meeting deciding rather than absorbing.
Record the decision as you take it
The single largest source of meeting overrun is relitigating something the board already decided, because nobody wrote down precisely what was decided.
Write the decision at the moment it is made, in the room, in one sentence: what was approved, on what authority, at what amount, with who voting against. It ends the item and it produces the minute at the same time.
Handle the recurring items by exception
Most standing items produce no news most months. Say so in the package and take them as read unless a director raises one. That reclaims a third of a typical agenda.
The chair's only real job
The chair is not there to have the best view. The chair is there to notice when a discussion has stopped producing new information, say so plainly, and move to the decision. Almost nobody minds that when it is done evenly and everybody minds it when it is done selectively.