Effective Minute Taking

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The Financial Conduct Authority (FCA) identifies governance as one of the 4 drivers of healthy organisational culture. One of the key ways in which firms may demonstrate effective governance is how they go about capturing and recording discussion, challenge, decision making and individual participation at Board and Executive Committee levels through the minutes of those meetings. Ensuring meetings are properly and accurately minuted is also essential when it comes to Senior Manager Function (SMF) holders, evidencing the ‘reasonable steps’ they take in order to fulfil their ‘Duty of Responsibility’.

And it’s not just the FCA saying this; the Financial Reporting Council (FRC) and many professional bodies also promote proper minute taking as being part and parcel of good business practice and effective corporate governance.

Unsurprisingly, those who have the responsibility for producing minutes have a vital role to play, so the importance of formal training cannot be underestimated, given that inexperience and lack of confidence can be a barrier to proving that internal governance arrangements are strong enough to withstand regulatory scrutiny.

This three hour interactive workshop will equip you with next steps to create and improve existing minute taking arrangements and improve the confidence of those tasked with this important role.

Key learning objectives

• Understand the regulatory importance of effective minute taking
• Raise awareness of the ‘dos’ and ‘don’ts’ in minute taking and what should and shouldn’t be included
• Consider how to challenge effectively
• Consider what actions need to be taken before and after the meeting, and how to access details afterwards
• Align consistency of approach across all meeting minutes

09:30 Minute taking – the regulatory requirements & good practice guidance

• The importance of good governance
• Guidance and highlighted good practice from regulators
• Good practice guidance from FRC and other bodies ICSA etc.
• Understand requirements of Companies Act for minutes
• Paying attention to Terms of Reference and the roles and responsibilities of committee members
• What might be reviewed if an FCA reviews your firm’s governance arrangements

10:15 Challenges and deciding on the best approach

• The ‘must haves’ in formal minutes
• Setting the right level of detail? Verbatim versus bulletin points
• Achieving consistency & the important influence of ‘house styles’
• Some basic ‘dos’ and ‘don’ts’ to take away and implement
• Hints and tips for getting it right
• The relationship between minute taker and the Chair
• Discuss current arrangements for post-meeting amendments and sign off procedures
• Accessing minutes – the when?, what? and how?

11:00 Break

11:10 Reflections on and questions arising from the pre-break sessions

• Group discussion – sharing good practice and listening to experience and activities of others

11:40 Reviewing some examples – the good, the bad and the ugly!

12:30 Conclusions and next steps

Julia Kirkland, Senior Partner

Julia is the Senior Partner of FSTP. Julia has spent the last seventeen years consulting with clients in financial services helping them to respond to regulatory change.

Working with Boards and more recently leading provision of a programme for NEDs joining Asset Management Boards, she has assisted groups to resolve real difficulties between their preferred style of operation and what the regulator requires. She always seeks to reconcile what regulation requires with best practice and the particular culture and strategy of her clients. An excellent facilitator, with an intelligent and highly effective communication style.

Her career began at GT Asset Management in 1980’s and held senior roles at Invesco Perpetual where she helped lead the implementation of complex changes to the client and fund proposition.

Julia is a Chartered Member of the Securities and Investment Institute, and holds a Diploma in Management Studies. She is also a member of the Secondary and Further Education Qualifications Assessment Board of the CISI. Julia writes articles and speaks on the topic of Governance and people development.

This training course is run under the Chatham House Rule, for reference please see here

Anyone responsible for minute taking and those who Chair meetings