CBS's board of directors is set to discuss allegations of sexual misconduct against Chairman and CEO Leslie Moonves on Monday, a person familiar with the matter told CNBC.

Ahead of its quarterly earnings this week, the board is scheduled to meet via conference call this Monday and is expected to select a special committee to oversee the investigation.

Shares of CBS fell 5 percent Monday, adding to a 13-percent decline so far this year.

It remains unclear whether the media company's controlling shareholder, Shari Redstone, will participate in the regularly scheduled meeting, according to a separate report in Deadline, which first reported on the board's plans to address the allegations. Moonves and Redstone have been waging a public and hostile war over CBS's attempts to stem Redstone's control over company.

News of the allegations first broke Friday, and included accounts of six women over multiple decades.The New Yorker report cited six women who said the longtime media executive harassed them between the '80s and '00s.

Moonves said in a statement to The New Yorker, "I recognize that there were times decades ago when I may have made some women uncomfortable by making advances. Those were mistakes, and I regret them immensely. But I always understood and respected — and abided by the principle — that 'no' means 'no,' and I have never misused my position to harm or hinder anyone's career."

A source says the conference call will take place mid-day and Leslie Moonves is currently in Los Angeles.

— CNBC's Julia Boorstin contributed to this report.