13.06.2019

Board Meetings, why bother keeping written records? Read on...

Board Meetings, why bother keeping written…

In the course of my activity I have come across many companies which didn't keep written records of the directors' meetings, this being mainly due to its perception as unnecessary and to some lack of organisation. 

"Why bother? We know what we discussed, we know what we decided", one might argue. 

This is actually a rather common misconception, especially found amid small companies perhaps with two or three directors. 

Yet, the reality is that not only is it very good practice to have minutes of all board meetings, but it is also a law requirement for all UK companies. 

For obvious reasons, having a written record of what was discussed and resolved can only be of great help. Can you imagine, in case of disputes, having to prove or even remember after a couple of years which directors agreed or disagreed on this or that matter? Who was present when that damned decision was made? Who made that resolution?  

But even more importantly it is required by law. 

As provided by Section 248 of the Companies Act, all companies must create written records (called minutes) of the directors' meetings and keep them for at least ten years. Failure to comply is an offence committed by every officer. 

Surely everyone agrees the above two reasons are good enough for being compliant. And if you haven't done that before, it is good to start now. If something has not been done in the past there is no reason why you should not change today: changing for the better is always a good thing. 

The taking of minutes can be delegated to someone else, usually a company secretary, who is a professional specialised in this kind of regulatory matters. 

So, here's the question again: why bother keeping minutes of meetings? You have the answer now. 

Bolasco Consulting
www.bolasco-consulting.com 
  • Board Support
  • Compliance
  • Accountancy

I provide support for UK companies, with a particular focus on company secretarial and compliance matters.

Training and Development

Making a difference.

Many people have a personal goal in life to do something for which they will be remembered, to leave a legacy if you…
Training and Development

Why we resist change?

Having spent the past few days delivering workshops on how we can manage our teams through change what really seemed to…
Employment & HR

Jacks Law Breavement Leave

Jacks Law You may be aware that the government has pledged to introduce from April 2 weeks bereavement leave for any…

More Articles

Business Management

6 workplace wellbeing trends to embrace in 2020

Wellness at work has exploded over the last few years, with employers finally getting the message that happy,…
Training and Development

Anne Frank's diary has a career message for us.

Anne Frank was in her hideaway in Amsterdam with her family on Sunday 15th December 1942. She and her sister Margot had…

Would you like to promote an article ?

Post articles and opinions on London Professionals to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.

Find the right professionals in London

View The Full Index

Search By:

Submit your Enquiry here

Enquiry Details

Contact Details