What is the Importance of Meeting Minutes? 

Aside from compliance with legal requirements, minutes maintenance gives other needs as well as mentioned below:

1. Minutes help save time and money

It might appear that writing meeting minutes can take a lot of time, they will, actually, assist you to save time and money. Meeting minutes will give you a written record of what was examined and acknowledged at a meeting, so you and your partners will have similar recollections from the meeting and the same thoughts regarding what was agreed. You ensure everyone knows what was decided and what should be accomplished by what date with good meeting minutes.

2. Meeting minutes give structure

Although there is no regulated or customized format for meeting minutes, some statutes consider it significant that you put a reasonable attempt to report the realities or facts of the meeting. 

Like every Company must report the procedures of the Meetings of its Board of Directors within 15 minutes of its decision to SEBI. Minutes commonly consist of how Board members of the company reach at reasonable decisions, the date and time of the meeting, who called it to request, and who joined in. All movements made at meeting are likewise recorded including any clashes of interest, if any, name of the board members who disturbed from voting, when the meeting finished. This is the manner by which minutes give written structure to the meetings.

3. Meeting minutes drive action 

Great meeting minutes will help you to drive a plan in action for the management and employees. They explain how, when, why, and by whom decisions were made. They outline a plan for the action things and timelines inside which the actions ought to be made (which completes the work) and they later give significant data to those board members who aren’t able to attend the meeting.

4. Meeting minutes performs as a measuring slab

Recording of meeting decisions makes them a useful audit document, when it comes time to measure improvement. They likewise perform as an accountability tool because they clarify whose duty it was to perform which activity.

5. Meeting minutes state ownership

At the time when votes are recorded and particular names are recorded next to each vote, it fills different needs. It tells the Board and leadership team who voted for what. In case one specific Board member refrain on the opinion, or voted opposite to the majority, it can be simply identified. Since each and every meeting is crucial, thus, Meeting minutes ought to be detailed point to point.

6. Minutes meeting give references

Sadly, human memory is error prone. Few members of the meeting are probably going to have specific recollections and overlook whatever doesn’t justify their perspective, especially for disputed issues. Minutes maintenance is an objective measure to recall everybody what was agreed upon and why. It is specifically important to have records to refer back to after a lot of time has passed and individuals are no longer sure what happened. New managers and directors may think that it is helpful to review past meeting minutes to immediately learn how the organization has been working.

7. Meeting Minutes will give action plans

Meetings will in general become more productive when board members are aware of being recorded; they are more likely to remain on topic. The minutes maintain a record of decisions made and who is liable for making a move. There is highly a chance that these actions will be carried out. Without a record, the board members probably won’t remember who is liable for the next stage of the activity plan and conflicts might arise. With a written record to refer to, those responsible will be considered responsible and expected to continue as agreed. Uncertain issues won’t be overlooked and can be returned at a consequent meeting.

8. Minutes help in avoiding duplicacy of actions

Meetings are productive. Everyone leaves with a plan in mind, completely aware of the work required in the middle of meetings. The further meeting isn’t for another month, and no one took any minutes. After a month, the possibility might be that the same points and plans are recasted, all on the grounds that your employees failed to remember what arise at the past meeting. Just by recording what is discussed and circulate that data, senseless time-consuming situations like this can be easily abstain.

9. Minutes offer legal protection

Meeting minutes are an official record of corporate business. They give a record of activity or proof of interaction. Copies of the Memorandum of Association, Articles of Association and minutes of new meetings are the essential documents referred to when there is any lawful activity. Thus, it is basic that board minutes are constantly considered a priority and recorded professionally.

10. Minutes open communication for board members who were absent in the meeting

The non-attendants of the past meeting can refer the minutes and get to know what has happened in the last meetings which they have failed to join in and this way can remain updated about the procedures.

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Shruti

“An idea can change your life”: Well it’s true! I am glad that India is rising its way towards startup culture. It has literally pushed people to at least give it a try and not just live in a bubble. Being an entrepreneur you need a team and Neusource is there to help you and to raise your startup.