In an attempt to provide greater flexibility for those companies with a diverse membership and influence, it is becoming increasingly common for company directors and officers to meet informally on a regular basis. Such informal meetings are referred to as executive board meetings. These types of meetings are intended to provide an opportunity for company directors and officers to come together to share information, get feedback, resolve differences, and make decisions in accordance with their individual business goals. There are many different types of board meetings that can occur either regularly or irregularly. The type of informal board meeting that a company should have varies by country, as follows:
(b) Special General Meeting: A special general board meeting is used to discuss and issue a resolution on a particular matter. It is usually called a “special meeting.” A company needs to send out a notice to all unit owners before the date of the special general meeting. In most cases, the board will determine whether the special general meeting is to be held on a regular or irregular basis, and then will set the date for the special general meeting.
(c) Regular Executive Board Meetings: A regular executive board meeting is usually scheduled for a fixed duration. In some cases, the duration of a regular meeting may be determined by the bylaws. A company may also decide not to have meetings at all. In this case, it is the responsibility of the unit owners to notify the officers of the bylaw amendment and to ensure that the next Board Meeting takes place on a regular basis.
(d) Special General Meetings: In certain circumstances or on a specified date, a company may hold special general meetings to discuss and do urgent matters that cannot wait until a regular Board Meeting. In these cases, the date selected is usually set by the Board. In some cases, the Board has the power to select a date for all meetings. In such cases, all board members need to agree in order to set the date.
(e) Minutes Of Meetings: The minutes of executive boards are considered to be public records. All company documents, including the minutes of meetings, are considered to be public records. Therefore, if you wish to make a copy of your minutes, you can request copies from the company’s Records Management Division. However, you will need to pay for any copying that you require. If you are not a board member, you cannot make copies of company documents without a special waiver.
(f) Executive Session: Executive sessions are generally scheduled for several days and are generally held once per calendar year. There are usually two agenda items for the meeting, which are referred to as agenda items. These agenda items are discussed during the course of the meeting. There are different agendas for board meetings, depending on the nature of the issues or matters that are being considered at the meeting. Board meetings do not always have formal agenda items; in many instances, a summary of all action items is included in the final minutes of the meeting.
(g) Executive Summary: An executive summary will contain information that is not essential to the decision-making process, but may be of interest to other board members. It is recommended that an agenda be presented for each item on the agenda, including both the formal agenda item and the informal one. The executive summary also serves as a bi-weekly (or weekly) summary of the ongoing activities of the Board. The summary provides information about what was discussed at the meeting and gives a sense of the work that is being done, with an emphasis on the key issues that are the subject of discussion. This helps provide an understanding of the status of the company and assists other board members in communicating about important issues.
(h) Executive Committee Appointments: Minutes of executive committee meetings are sometimes recorded in a minute’s table. If a quorum is present, the chair will read out the minutes of the meeting. If there is no quorum, one director may preside over the meeting. The officers listed on the minutes table of the Board of Directors serve as the executive committee for that particular company. All other officers listed there have power of appointment to the chair of the Board of Directors, the CEO, or the CFO, as the case may be. These officers are also required to designate one of their number to act as a point of contact for any other officers or the CEO.