Board meetings are important for communication and understanding for the directors and shareholders involved – so that everyone understands the purpose of the business and their role within it. This gives people the opportunity to offer new ideas about the business or raise any concerns. The first board meeting is important for discussing the formal aspects of setting up the business. That’s why it’s important to hold your first board meeting soon after your company has been incorporated, and to hold subsequent meetings on a regular basis.
Who Needs to Receive the Meeting Minutes?
Private limited companies must keep minutes of their board meetings. These minutes are written evidence of the topics discussed in the meetings, and any agreements or outcomes produced by these discussions. After the meeting, every person in attendance of the meeting, including all of the directors, should be given a copy of the minutes. Shareholders should be given a copy of the minutes if they request them, and a copy of the minutes should be kept with your company records at your registered office address or SAIL address for a minimum of ten years. This makes them available for company inspection.
What Should Be Included in Your First Board Meeting?
The first board meeting of your company normally deals with a number of very important matters, including:
- Reporting the incorporation of the company
- Appointment of the new directors and secretary
- Establishment of the new registered address
- Appointing a company chairman, and adding other directors
- Naming signatories to the company bank accounts and stating who may use the company seal
- Allotting shares and acknowledging receipt of monies for shares
- Appointing auditors
If you don't know how to draft the minutes of the first board meeting, we can advise and prepare the appropriate legal documents for your signature. Contact us to find out more.