Accurate accounts of your board meetings requires prescision
Board meetings are where the decisions are made. Smaller companies may only have a board meeting quarterly or even once per year. Larger corporations however, are likely to gather the board of directors together at least once per month, or whenever policies need to be discussed or issues resolved. But irrespective of how often you hold board meetings, it is important that accurate records of the proceedings are maintained.
The average meeting is pretty boring and the thought of a full transcription of several hours’ of uninteresting monologue is very likely to send most people into a coma. However, board meetings are a bit different. For starters, everything discussed in the meeting should be recorded so that there is a record of what was said and by whom.
Minutes of Meetings:
In the case of very small companies, there may only be two or three directors present at board meetings. As such, it might be tempting to have an informal chat around the water cooler or go out for a bite to eat and make a few snap decisions between the main course and dessert. However, in the case of private limited companies, it is a legal requirement for minutes of meetings to be maintained (see Article 15 of the Companies Act). Minutes are a record of what was said during the meeting. Records of decisions made during board meetings need to be kept for a minimum of ten years, as sight of them may be requested by a bank, HMRC, or a regulatory body.
The Difference between Minutes of Meetings and Transcriptions:
Minutes of meetings are different from full transcriptions. Minutes do not have to be a word for word account of everything that was said during the board meeting. Instead they merely have to provide evidence that the board of directors complied with their legal obligations.
The Benefits of Transcribing a Board Meeting:
There are a number of benefits to preparing a full transcription of a board meeting as opposed to simply recording the main points in minutes of the meeting. Detailed transcriptions are an accurate account of the entire meeting. If difficult decisions are being made it will be helpful to maintain a detailed record of what was said in case of a subsequent disagreement. You may also find that recording the board meeting means that everyone present remains on topic and the meeting does not descend into a shouting match. Lastly, when there are a large number of people present, recording and subsequently transcribing the meeting will ensure that nothing of importance is missed.
It isn’t always easy to transcribe board meetings when there is a lot of extraneous background noise. So instead of using an in-house employee to try and make sense of what has been said, talk to Alphabet instead.