The responsibility of taking minutes of a meeting of the board is one that requires a keen eye on the details. Making sure that the minutes are precise and reflect the board’s decisions and discussions will help in the preservation of the company’s records and protect directors from future liability issues.
One of the first things you must keep track of is the time, date, and the location of the board meeting. This will allow future readers to pinpoint the location and date of the meeting, and also ensure they have all necessary information for review by the board or legal proceedings. In addition, it is important to know if it was a regular, special, or annual board meeting.
Do not add your opinions or comments while recording discussions and decision. This is crucial, particularly in the event of a heated discussion. It could undermine the credibility of the board’s minutes. A vague description of the meeting could open your board to liability, so make sure you stick to the facts.
Similarly, be sure to keep a record of any declarations of interest from directors or other individuals who was a participant in the board’s decision-making process. This will help in preventing conflicts of interests from going unnoticed or ignored in the future and will encourage a higher level of accountability amongst board members.
If the secretary of the board or person who is responsible for taking minutes can’t attend, choose a replacement for these roles prior to. This will help ensure that the minutes are taken in an unbiased manner and will have a consistent format. It will also assist in keeping the board on track to produce accurate minutes for each meeting.