Minutes of a meeting of the Board of Directors are contemplated as legal documents by the auditors, courts and internal revenue services as they depict the actions taken by the board. The best part about the Minutes of Meeting of the Board of Directors is that it carries abundant information containing the description that made the board members to arrive at a specific conclusion.
This information further proves to be very beneficial as courts take into consideration the description contained in the Minutes of Meeting of Shareholders or Minutes of Meeting of the Board of Directors.
In order to effectively record the Minutes of Meeting, several points need to be taken care of. Maintaining a good record of Minutes of Meeting not just helps you to present them in a fair manner in front of authorities who are authorized to intervene but they also keep a clear picture of the matter of discussion that eventually helps you in meticulous business planning and decision making. Not only this, the next time you face any confusion or dilemma in mind, taking a glance on the properly maintained Minutes of Meeting will tell you the whole story and clear all your confusions and doubts.
Minutes of Meeting of Board of Directors What to Include for Effectiveness?
- Nature and purpose of the meeting
- Date, time, and location of the meeting
- The conclusion that came out with the meeting
- A record containing all the motions that were discussed
- Names of the Chairperson and Secretary present in the meeting
- Who will take the action based on the conclusion and who will implement it?
- List of the invited attendees. The list should also include the regrets
- Name of the body whether it is an associated department, office, or organization who is holding the meeting
What are the 5 Steps Involved in Minutes of Meeting?
The below mentioned 5 steps are very essential in taking the note of minutes of meeting effectively.
- Pre-planning: Minutes of a meeting can prove to be very effective and fruitful if proper agenda is sought out by the chairperson and the secretary or minutes-taker. This takes place under the pre-planning stage.
- Record taking: The second step involves taking care of what to include in the minutes of a meeting. This includes details like purpose, nature, date, time, and location of the meeting.
- Transcribing the minutes: The Third step focuses on transcribing the minutes in order to make them clear and objective. Apart from this, inflammatory or personal observations should be avoided while transcribing.
- Dissemination of the Minutes of Meeting: Before the dissemination of the minutes it is wise to make sure that the Chair has reviewed and approved the minutes for circulation.
- Store for future reference: After the revision of the minutes of the meeting, it is important to store them for future reference and choose a reliable tool to save or store them online and offline.
Minutes of Meeting of Shareholders of the previous meeting are reviewed in the next meeting. Minutes also depend on the nature of the meeting. Generally, it is considered to be good if minutes are short and informative.It is always significant to capture the essence of the minutes of meeting effectively as these legal documents have a significant role to play in depicting the actions of the boards to the concerned authorities.