Keeping Minutes of Your Company's Board Meetings

Every company and trust must take minutes of meetings at least once a year. It’s not only a part of good corporate governance, it’s a legal requirement. Templates make it much easier...

Company’s duty to keep Minutes of Meetings

Companies have a duty (under section 251A of the Corporations Act 2001) to record proceedings and resolutions passed at directors and members meetings. Generally, resolutions relate to important issues such as changes to the board or share capital and these should be recorded in the minutes of meeting.

A company has one month after a resolution is passed to record it in the company minutes and the minutes can be signed by the chair of the meeting or the chair of the next meeting.

“A minute that is so recorded and signed is evidence of the proceeding, resolution or declaration” says the Corporations Act.

Superannuation fund’s duty to keep Minutes of Trustees Meetings

The Australian Taxation Office (ATO) says in an article on Record Keeping Requirements for self managed superannuation funds,:

"you should take minutes of all investment decisions and you need to keep minutes of trustee meetings and decisions (if matters affecting your fund are discussed, for example, you reviewed the fund’s investment strategy).”

Easy to Use Templates to Record the Minutes of Your Meetings

To help you quickly record minutes of meetings, we’ve prepared some simple  templates you can download right away.

With these templates, noting end-of-financial-year decisions like trust distributions and company dividends will be a breeze, giving you more time to focus on business.

Download these easy to follow legal documents now:

Minutes of Meeting of Trustees Template

Minutes of Meeting of Directors Template

Key Takeaways: Keeping Minutes of Your Company's Board Meetings

  • Take minutes at least once a year.
  • Companies are required to keep minutes under the Corporations Act.
  • You should also keep minutes if you are acting as a trustee.
  • You can use Legal Zebra's templates to help you create legal bindings Minutes of Meeting for your company or trust.
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