Evaluating meeting effectiveness is crucial for improving organizational productivity. Current approaches rely on post-hoc surveys that yield a single coarse-grained score for an entire meeting. The reliance on manual assessment is inherently limited in scalability, cost, and reproducibility. Moreover, a single score fails to capture the dynamic nature of collaborative discussions. We propose a new paradigm for evaluating meeting effectiveness centered on novel criteria and temporal fine-grained approach. We define effectiveness as the rate of objective achievement over time and assess it for individual topical segments within a meeting. To support this task, we introduce the AMI Meeting Effectiveness (AMI-ME) dataset, a new meta-evaluation dataset containing 2,459 human-annotated segments from 130 AMI Corpus meetings. We also develop an automatic effectiveness evaluation framework that uses a Large Language Model (LLM) as a judge to score each segment's effectiveness relative to the overall meeting objectives. Through substantial experiments, we establish a comprehensive benchmark for this new task and evaluate the framework's generalizability across distinct meeting types, ranging from business scenarios to unstructured discussions. Furthermore, we benchmark end-to-end performance starting from raw speech to measure the capabilities of a complete system. Our results validate the framework's effectiveness and provide strong baselines to facilitate future research in meeting analysis and multi-party dialogue. Our dataset and code will be publicly available. The AMI-ME dataset and the Automatic Evaluation Framework are available at: this URL.