Problem: What do you do when others are late in joining the call?

Recommendation: Begin the meeting when three are present and five minutes has elapsed. In this era where speed is everything, timeliness is more Godly than ever. Don't waste time with unfocused light conversation. Avoid the temptation to gossip about the ones you are waiting for. If you must wait, stay silent and privately review the agenda and prepare your comments.

From: http://www.conferencecallogy.com/Conference-Calling.html