When setting up the component you can select to have the meetings display newest to oldest or oldest to newest by changing the Display Order. You may also choose which Event Group you wish to pull in by selecting from the Board Mtg Event Group field. All Event Groups for your Site Section will display in this field and events tied to these groups can be pulled into the component to display in the page where the component is placed.
It is important to remember that these events are created in the Event Calendar Administration area and then are pulled into the component.
In essence, the Board Meeting Component simply displays the events that have been added to a specific Event Group as managed in the component.