Quizzes & Puzzles39 mins ago
Board meeting minutes
Are share holders entiled to view mintes of board meetings? This relates to a residential block where each owner has one share. Board was elected and tell us we can't see the minutes of their meetings (we just want to know what progress is beeing made on several imporant points).
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Yes, this is an interesting question and is somewhat important that you acquire the right answer.
It is true to say that you (unless of course you are an elected member of the Board itself) are not allowed to view the Minutes of the meetings of Board members before they have been adopted, passed as a true record, and countersigned for publication by the Chairperson.
As soon as the minutes have been approved, with Matters Arising fully satisfied, then the minutes should be ready for general perusal (examination) by anyone having an interest in them.
It is true to say that you (unless of course you are an elected member of the Board itself) are not allowed to view the Minutes of the meetings of Board members before they have been adopted, passed as a true record, and countersigned for publication by the Chairperson.
As soon as the minutes have been approved, with Matters Arising fully satisfied, then the minutes should be ready for general perusal (examination) by anyone having an interest in them.
Voltr4m4x has a habit of posting 'information' which sounds authoritative but which actually has little substance behind it.
Many clubs, societies and similar bodies do have provisions in their constitutions which ensure that the membership of those bodies have the right to view the minutes of meetings. However there's nothing in law which forces any such body to include such a rule within their constitutions.
More importantly, there's absolutely nothing in the Companies Act 2006 (which largely either replaced or consolidated previous relevant legislation) requiring the minutes of directors' meetings to be made available to anyone other than the directors (and, under certain circumstances, to 'authorised persons' such as HMRC), except when shareholders take action to enforce the directors liabilities in respect of unauthorised donations or expenditure.
If Voltr4m4x's post was correct, the minutes of ICI's board meetings would become freely available to both their rivals and financial journalists simply through those people each buying a single share in the company. That's clearly not the case, as the boards of major companies usually manage to keep their takeover bids (or their impending bankruptcies) secret throughout many months, or even years, of board meetings.
As Voltr4m4x states it's "somewhat important that you acquire the right answer". It's a pity that he hasn't provided it.
Chris
Many clubs, societies and similar bodies do have provisions in their constitutions which ensure that the membership of those bodies have the right to view the minutes of meetings. However there's nothing in law which forces any such body to include such a rule within their constitutions.
More importantly, there's absolutely nothing in the Companies Act 2006 (which largely either replaced or consolidated previous relevant legislation) requiring the minutes of directors' meetings to be made available to anyone other than the directors (and, under certain circumstances, to 'authorised persons' such as HMRC), except when shareholders take action to enforce the directors liabilities in respect of unauthorised donations or expenditure.
If Voltr4m4x's post was correct, the minutes of ICI's board meetings would become freely available to both their rivals and financial journalists simply through those people each buying a single share in the company. That's clearly not the case, as the boards of major companies usually manage to keep their takeover bids (or their impending bankruptcies) secret throughout many months, or even years, of board meetings.
As Voltr4m4x states it's "somewhat important that you acquire the right answer". It's a pity that he hasn't provided it.
Chris
Here we go again.
Sections 1 to 430F of the Companies Act 1985 (plus a great deal more) were repealed under Schedule 16 of the Companies Act 2006.
If you want to read the current legislation, it's here:
http://www.statutelaw.gov.uk/legResults.aspx?L egType=All+Legislation&title=companies+&Year=2 006&searchEnacted=0&extentMatchOnly=0&confersP ower=0&blanketAmendment=0&TYPE=QS&NavFrom=0&ac tiveTextDocId=2991719&PageNumber=1&SortAlpha=0
Chris
Sections 1 to 430F of the Companies Act 1985 (plus a great deal more) were repealed under Schedule 16 of the Companies Act 2006.
If you want to read the current legislation, it's here:
http://www.statutelaw.gov.uk/legResults.aspx?L egType=All+Legislation&title=companies+&Year=2 006&searchEnacted=0&extentMatchOnly=0&confersP ower=0&blanketAmendment=0&TYPE=QS&NavFrom=0&ac tiveTextDocId=2991719&PageNumber=1&SortAlpha=0
Chris
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