The must-have record: board meeting minutes; It is more imperative than ever that what happens behind the closed doors of board meetings be preserved to answer any claim of irregularity.
Directors & Boards › Vol. 29 Nbr. 2, January 2005
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Summary
BOARD PRACTICES
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The must-have record: board meeting minutes; It is more imperative than ever that what happens behind the closed doors of board meetings be preserved to answer any claim of irregularity.
HARDLY A DAY passes without news of allegations of corporate mismanagement leveled by a government agency, an aggressive plaintiff's lawyer, or an internal watchdog unit within a large company. Directors and officers find themselves scrutinized, questioned, challenged, and sometimes sued in their personal capacities for a multitude of alleged sins of commission and omission. Amid this maelstrom, the question occasionally arises: What kind of record should a board of directors maintain of its pro...
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