Category: Governance

The Evolving Role of Governance in Asset Management

Posted on by Matt McEwan

The Evolving Role of Governance in Asset Management

Posted on by Matt McEwan

The asset management industry, with its multifaceted operational dynamics and the sheer volume of financial transactions, has long been under the microscope of various stakeholders. And at the center of it all lies governance. It’s a term that has grown and evolved, reflecting shifts in industry standards, regulatory changes, and global economic paradigms. Let’s delve into how the role of governance in asset management has changed over the years, the catalysts driving these shifts, and the direction it’s taking as we chart a course into the future.

1. Governance Then and Now

Traditionally, governance in asset management was largely perceived as a mechanism for oversight and control. The primary objective was to prevent impropriety and ensure legal compliance. Today, while these elements remain crucial, governance has broadened to encompass facets such as ethical investment decisions, stakeholder engagement, transparency, and the integration of environmental, social, and governance (ESG) factors.

2. Drivers of Change

Several factors have reshaped governance in the asset management industry:

  • Regulatory Evolution: Post-financial crisis regulations, such as the Dodd-Frank Act in the U.S. and MiFID II in Europe, have ramped up requirements, emphasizing transparency, client protection, and risk management.
  • Stakeholder Expectations: The modern investor is more informed and demands greater transparency and accountability. Institutional investors, in particular, have emphasized the need for robust governance structures. Many firms now rely on professional minute-taking services to help manage their significant minute-taking needs and provide the transparency and communication their stakeholders have come to expect.
  • The Rise of ESG: The global momentum towards responsible investing has made ESG factors central to governance. Asset managers are increasingly held accountable not just for financial returns but also for their broader impact on society and the environment.
  • Technological Advancements: Digital transformation has brought about tools that enable more stringent oversight, better risk assessment, and proactive fraud detection.

3. The Future Landscape of Governance

The trajectory of governance in asset management suggests a few key trends for the future:

  • Greater Integration of ESG: With increased global emphasis on sustainability, ESG considerations will become even more integrated into investment decisions and portfolio management.
  • Enhanced Stakeholder Engagement: Asset managers will likely adopt more proactive approaches to engage with stakeholders, using platforms and channels that facilitate two-way communication.
  • Tech-Driven Governance: As technology continues to advance, AI and machine learning will play a more significant role in predictive risk analysis, fraud detection, and even in guiding ethical investment decisions.
  • Global Harmonization: As asset managers operate in an increasingly globalized world, there will be a move towards harmonizing governance standards across borders to facilitate smoother cross-border transactions and collaborations.

Conclusion

Governance in the asset management industry is not a static entity; it’s dynamic, reflecting the complex interplay of global events, stakeholder expectations, and technological advancements. For industry professionals, understanding these shifts is not just about compliance; it’s about steering their organizations toward a future that’s resilient, ethical, and positioned for long-term success.

As the realm of asset management continues to grow in complexity, robust governance becomes not just a back-office function but a strategic imperative, shaping decisions and defining the very ethos of the institution.

How Professional Minute-Taking Can Help

As governance in the asset management industry evolves, there’s an amplified need for precise, reliable, and seasoned minute-taking services. As the global leader in professional minute-taking, Minutes Solutions offers unmatched support for firms navigating this dynamic landscape. Our expansive team of meticulously trained minute-takers and editors equips us to manage the high volume of meetings that asset managers and financial service firms often conduct. Given our industry-specific experience, our team excels in documenting technical subject matter with clarity and precision. As governance protocols continually shift, partnering with Minutes Solutions ensures unwavering integrity and accuracy in your records.

Corporate Secretary

The Role of a Corporate Secretary: Key Responsibilities

Posted on by Matt McEwan

The Role of a Corporate Secretary: Key Responsibilities

Posted on by Matt McEwan

Behind every successful and well-organized corporation stands a crucial figure, often operating behind the scenes – the Corporate Secretary. Often referred to as the “guardian of corporate governance,” the Corporate Secretary plays a pivotal role in ensuring the smooth functioning and compliance of a company. In this blog post, we will explore the key responsibilities and contributions of this essential role and shed light on the indispensable contributions they make to the corporate world.

1. Keeper of Corporate Records

One of the primary responsibilities of a Corporate Secretary is to maintain accurate and up-to-date corporate records. This includes essential documents such as meeting minutes, shareholder records, board resolutions, and other vital corporate documentation. The Corporate Secretary ensures that all records are organized, easily accessible, and compliant with legal requirements.

2. Governance and Compliance

Corporate governance is the backbone of any successful organization. The Corporate Secretary is responsible for ensuring that the company operates in accordance with applicable laws, regulations, and internal policies. They play a key role in facilitating board meetings, overseeing corporate governance practices, and ensuring that decisions are made in line with legal requirements and the company’s best interests.

3. Board Support and Communication

As a liaison between the board of directors and the company’s stakeholders, the Corporate Secretary plays a critical role in facilitating effective communication. They assist in organizing board meetings, preparing meeting agendas, and ensuring that board members receive all necessary information and materials ahead of time. Their contributions ensure that board members are well-informed to make strategic decisions.

4. Annual General Meetings (AGMs)

The Corporate Secretary is instrumental in planning and organizing the company’s Annual General Meeting (AGM). They work closely with shareholders, manage proxy voting processes, and prepare the necessary documentation to ensure a smooth AGM that complies with legal requirements.

5. Risk Management and Disclosure

Transparency is paramount in the corporate world, and the Corporate Secretary plays a vital role in ensuring accurate and timely disclosure of relevant information to regulatory authorities and stakeholders. They assist in risk management by monitoring and reporting on compliance issues, providing valuable insights to the board and senior management.

Conclusion

The role of a Corporate Secretary is multifaceted and central to the effective functioning of a corporation. Their contributions extend far beyond maintaining records; they are instrumental in upholding corporate governance, facilitating effective communication between stakeholders, and ensuring legal compliance. The Corporate Secretary serves as a crucial link between the board of directors, management, shareholders, and regulatory authorities, fostering transparency, trust, and ethical practices.

In today’s complex and ever-evolving business landscape, the Corporate Secretary’s expertise and commitment to upholding corporate standards are indispensable. By shouldering the responsibility of governance, compliance, and efficient communication, the Corporate Secretary enables companies to thrive and adapt to the dynamic demands of the corporate world.

As we acknowledge the pivotal role of the Corporate Secretary, let us appreciate and celebrate their significant contributions to corporate success, recognizing them as the unsung heroes behind the scenes, ensuring that the wheels of corporate governance turn smoothly, ethically, and in the best interests of the company and its stakeholders.

Why Minute Taking is So Vital for Professional Associations

Posted on by Matt McEwan

Why Minute Taking is So Vital for Professional Associations

Posted on by Matt McEwan

In the world of professional associations, effective governance, transparency, and accountability are the cornerstones of success. As decision-makers, these organizations are entrusted with shaping policies, charting ambitious goals, and ensuring the collective voice of their members is heard. Amidst this dynamic landscape, one essential practice stands out as a powerful catalyst for progress – minute taking. In this digital age, where information flows at unprecedented speeds, minute taking may appear as a traditional practice. However, as we shall discover, it is far from obsolete; rather, it serves as a steadfast guardian of institutional memory and a key driver of effective leadership.

Why minute taking is imperative to any professional association:

1. Legal Compliance and Risk Mitigation:

– Accurate and comprehensive meeting minutes serve as legally binding documentation of decisions made within the association.

– By maintaining detailed records, professional associations demonstrate compliance with laws and regulations, reducing the risk of legal disputes or challenges.

2. Transparent Decision-Making and Accountability:

– Well-documented minutes provide a transparent account of discussions and decisions made during meetings, ensuring accountability among association members and leaders.

– Members can refer back to previous minutes to understand the rationale behind decisions and hold leaders responsible for their actions.

3. Continuity and Succession Planning:

– As leadership roles rotate within the association, meeting minutes become vital resources for new leaders to understand past discussions, decisions, and ongoing initiatives.

– Minutes facilitate smooth transitions and effective succession planning, ensuring the association’s objectives remain on track.

4. Communication with Members:

– Meeting minutes serve as concise and easily accessible updates on important matters and decisions for members who were unable to attend meetings.

– This enhances member engagement by keeping them informed and involved in association activities.

5. Evidence for Grant Applications and Fundraising:

– Clear and well-documented minutes demonstrate responsible management, strengthening the association’s credibility when applying for grants or seeking fundraising opportunities.

– Potential donors and funding agencies appreciate organizations that maintain transparent records, enhancing the association’s chances of securing financial support.

Conclusion

Minute taking plays a vital role in the success and sustainability of professional associations. By maintaining detailed and accurate records, these organizations ensure legal compliance, transparent decision-making, and accountability among members and leaders. Meeting minutes facilitate effective communication with members, support succession planning, and strengthen the association’s position when seeking grants or fundraising opportunities. Moreover, they serve as valuable evidence in legal situations and prevent misunderstandings or conflicts, fostering a cooperative and engaged association community. As a fundamental practice, minute-taking cements the foundation for strong governance and efficient operations within professional associations.

Minutes Solutions Inc.

Minutes Solutions takes the minutes for CSAE boards and committees. As a professional third-party minute taking company, Minutes Solutions provides prompt, accurate, and objective minutes for associations in every field. Since 2014, the company has provided minute taking services for over 50,000 meetings for more than 4,000 organizations across North America. Its cohort of over 150 professionally trained minute takers in the U.S. and Canada undergoes rigorous training in industry best practices that help make association meetings more effective and allow staff to focus on the meeting and what they do best.

3 Steps to More Efficient Condo and HOA Board Meetings

Posted on by Matt McEwan

3 Steps to More Efficient Condo and HOA Board Meetings

Posted on by Matt McEwan

Community association board meetings are the primary forum for directors to make formal decisions that affect the community. With so many moving parts and topics to discuss, running effective meetings that make the best use of everyone’s time can be challenging. Here are three strategies for running efficient meetings.

  1. Define the Goal

A clear meeting goal helps keep discussion on track and ensure decision-making is aligned with the association’s overall objectives. A well-defined purpose allows attendees to come prepared with meaningful information or ideas. A goal can build a sense of community and promote decisions that represent the association’s needs and priorities. 

  1. Add a Consent Agenda to the Meeting Agenda

As you build your meeting agenda around what the gathering should achieve, make one of the items the consent agenda. A consent agenda is a list of routine, uncontroversial items that the board votes on as a single proposition. This allows directors to rule on several undisputed topics quickly without discussion, freeing up more time for subjects that require in-depth conversations. Typical topics include: minutes of previous meetings; informational reports or updates; routine financial transactions that directors have already vetted, such as straightforward maintenance or repair work; and formal approval of proposals that were considered thoroughly and were informally agreed to at a previous board meeting. 

Distribute background materials for both the meeting and consent agenda in advance so that board members have time to consider the issues and arrive at the meeting ready to contribute. In particular, participants should resolve concerns or questions about consent agenda items before they meet; they should agree to remove any topics that still need clarification during the meeting and add them to the general meeting agenda for separate discussion. A small number of perfunctory queries about consent agenda items are permissible, but subjects needing more deliberation should have designated time on the broader meeting agenda.

At the meeting, the facilitator should briefly review the consent agenda items; if there are no objections, the board can then vote to approve the entire consent agenda as a single item.

  1. Have a Strong and Active Chair

A capable chair enforces any time limits on the meeting agenda and helps the group reach consensus by professionally and respectfully mediating disputes that may arise during the meeting. A good chair prevents conflicts from escalating and keeps discussion focused on important issues.

Takeaway

Well-run condo and HOA board meetings can have a significant and positive impact on the daily lives of residents. By defining a goal for each meeting, including a consent agenda with the meeting agenda, and having a strong and active chair, associations can improve the productivity and effectiveness of their board meetings and, ultimately, enhance the entire community.

Minutes Solutions Inc.

Minutes Solutions is a professional, third-party minute-taking company that specializes in prompt, accurate, and objective minutes for community associations. Since 2014, the company has provided minute taking services for over 40,000 meetings for more than 3,000 organizations across North America, including the Community Associations Institute. Its cohort of over 100 professionally trained minute takers in the U.S. and Canada undergoes rigorous training in industry best practices that help protect community associations and instill confidence in residents, allowing community managers to focus on operational responsibilities.

Storing and Distributing the Minutes

Posted on by Matt McEwan

Storing and Distributing the Minutes

Posted on by Matt McEwan

The minutes are written – now what?

Proper handling of meeting records is key. Important considerations include reviewing for accuracy, making corrections, distribution, filing and storage.

In our years of running a professional minute-taking company working with more than 500 condominium boards across Ontario, we’ve noticed that the management of meeting minutes differs from board to board. Of course, taking minutes is not only good practice, it is mandatory as part of keeping an official minute book under the Condominium Act. But precisely what happens after the minutes are taken and how they are distributed are points of contention.

A central consideration when deciding who should take your meeting minutes is delivery time: often a designated board member, a property manager or a hired third party is enlisted. One benefit of hiring a professional minute taker is that the delivery time of the completed minutes should be clearly disclosed prior to engaging. A deadline should also be set if it is the board secretary who takes the minutes; it can depend on the protocol of the board, but receiving the completed document within one week of the meeting is a good guideline.

Prompt receipt of the minutes allows ample time for them to be reviewed before the next meeting, which improves the efficiency of meetings: instead of analyzing the previous minutes at length for the first part of each meeting, most of the legwork can and should be done via email, weeks in advance. It also reduces potential unnecessary discussion and debate during the meeting, which can be time-consuming and expensive.

Distribution, Part 1

Minutes should be submitted to the building manager and the board president, who should take a day or two to review them separately and then compare reviews with one another via email. Next, they should formulate one email to the rest of the board with their suggested amendments in the body of the email and attach a first draft of the minutes. The other directors should be asked to submit their opinions and their own proposed changes by a deadline – three to five days, for example.

Once the board has had the chance to respond, the manager should send the amendments on which there is consensus to the recording secretary or the minute-taking company to be entered into the working copy of the minutes. This sets the stage for efficient board meetings with the goal of getting the previous set of minutes approved and signed promptly. Disputed changes should not be made to the minutes; rather, the board should be notified in advance that those proposed amendments will be discussed at the next meeting.

Once the board agrees on all the amendments to be made to the previous minutes, they can be approved with a formal motion during the next meeting and signed.

Distribution, Part 2

Once minutes are approved, how they should be distributed and stored?

Minutes only need to be distributed to individual owners upon request, in which case it is important to ensure that only the open minutes are released — not the in-camera minutes. In-camera minutes pertain to actual or contemplated litigation, insurance investigations involving the corporation, and items related to corporation employees (not including contracts) and specific unit owners. These items do not need to be disclosed in the regular minutes and the board has the discretion to keep these subjects confidential.

How to Store Minutes

The best solution for filing and storing minutes is a cloud-based system that is available to both board members and managers, making the documents available to all relevant parties.

Condominium records (including minutes) are often misplaced or difficult to obtain because the turnover of board members, management companies and managers is quite common. At Minutes Solutions, we frequently get calls from boards saying, “Can you please send us the minutes for the last two years? We recently got a new manager and the old manager is not reachable.” Or simply, “Can you send these minutes — we can’t seem to find them.”

Keeping minutes and meeting documents on a centralized system allows 24/7 access to board members and managers and solves the issue of misplacing, losing, or not being able to access minutes. Some professional minute-taking companies offer a storage service that does exactly this. With a cloud-based system managed by a professional minute-taking company, boards can limit and regulate access in case anything were to happen with the manager or a rogue board member.

Although every board may have a unique way of distributing and managing their meeting records, following these steps will establish a straightforward protocol to ensure that they are abiding by legislation and providing prompt access to minutes and records.

Verbatim Transcription or Meeting Minutes: Which is Right for Your Board Meetings?

Posted on by Matt McEwan

Verbatim Transcription or Meeting Minutes: Which is Right for Your Board Meetings?

Posted on by Matt McEwan

In the world of board meetings, proper documentation is crucial for good governance, accountability, decision-making, and legal compliance. Two common methods for documenting a board meeting are verbatim transcription and transcribing minutes. Transcription means converting spoken language or audio recordings into written text. Each approach serves a unique purpose, offering distinct advantages and disadvantages. Let us discuss the two options.

Board Meeting Transcription: The Verbatim Record

When precision matters

What is Board Meeting Transcription?

Board meeting transcription involves the meticulous process of converting spoken words from a board meeting into a written, word-for-word transcript. This approach aims to capture every spoken word, ensuring a comprehensive record of everything discussed in the meeting. It cannot be partial, opinionated, or subjective, making it an indispensable tool in situations or industries where omitting certain conversations is not an option.

Why Transcribe a Board Meeting Verbatim?

  1. Precision and Accuracy: One of the primary reasons organizations opt for board meeting transcription is the need for precision and accuracy. In fields where details matter greatly, having a verbatim record of discussions, decisions, and statements is invaluable, as it leaves no room for misinterpretation.
  1. Legal and Compliance Requirements: Many industries operate under strict legal and regulatory frameworks. Transcribing board meetings can help organizations meet compliance requirements and provide a clear record of exactly what was said in case of disputes or audits.
  1. In-depth Analysis: Researchers and analysts often rely on verbatim transcripts for in-depth analysis, as it allows them to delve into the nuances of conversations, study language patterns, and identify underlying themes.

The Cons of Board Meeting Transcription

  1. Time-Consuming: Transcribing every word is very time-consuming, especially for lengthy meetings.
  1. Costly: High-precision transcription requires skilled professionals and can come at a significant cost, especially compared to transcribing minutes.
  1. Liability: Verbatim transcription is not typically recommended for board meetings, as this can open the board to liability in several ways, including:
    • Inadvertently disclosing confidential information, such as trade secrets, confidential business strategies, or private information about individuals.
    • Exposing the board to legal risks, especially if statements imply negligence, discrimination, or other lawful content.
    • Inaccurate transcription may lead to misunderstandings or misinterpretations of what was discussed.
  1. Verbose: Verbatim transcripts often contain filler words and repetitions, which can reduce conciseness, clarity, and readability. Furthermore, they may not accurately capture the meaning the speaker intended to convey.

At Minutes Solutions, we offer “intelligent verbatim” transcription which preserves the speaker’s sentence structure, phrasing, point of view, and message but cleans up the presentation, corrects grammatical errors and misspoken words, and eliminates repetition and filler words such as “ah”, “um”, “you know”, and “like”.

Transcribing Minutes

When clarity and efficiency are key

What Are Meeting Minutes?

Meeting minutes, also known as minutes of meetings or simply minutes, offer a summarized account of key points, discussions, decisions, and action items from a meeting. Unlike verbatim transcription, minutes aim to provide a concise yet informative record, ensuring that both attendees and non-attendees can stay informed. They provide valuable context for meeting proceedings, explain the reasoning behind decisions, and serve as a convenient reference for those unable to participate in the meeting. Minutes play a crucial role in an organization’s strategic development, helping them chart their course and track their progress. They prove useful for corporations, nonprofit organizations, government agencies, school boards, and any organization looking to document a board meeting effectively.

Why Meeting Minutes?

  1. Clarity and Efficiency: Transcribing minutes of meetings is a time-efficient way to capture the most salient points of a discussion. It distills lengthy conversations into easily digestible information, making it suitable for most meetings.
  1. Action-oriented: Minutes often include action items, responsibilities, and deadlines. This actionable content makes it easier for participants to follow up on decisions made during the board meeting.
  1. Accessibility: Meeting minutes are user-friendly and readily accessible to a wide audience. Done well, they do not require specialized training for comprehension, making them valuable for sharing across different departments and teams, without the need to sift through extensive pages of information.
  1. Compliance: Proper board meeting minutes help organizations meet governance, compliance, and regulatory requirements by documenting all the necessary components of the meeting in the correct manner.
  1. Protection: A good minute-taker knows what to include and, equally important, what not to include in board meeting minutes, protecting the organization from the potential pitfalls of including every spoken word.

The Cons of Transcribing Minutes

  1. Less detail: The minutes will not capture every word spoken, which could be a disadvantage in certain contexts.
  1. Risk of bias: The minute taker’s interpretation may introduce bias or omit critical information when a meeting is documented in a summarized form. This concern can be addressed through the use of a professional third-party minute-taker.
  1. Less appropriate for highly technical discussions: In technical fields, verbatim transcripts, or at least certain sections captured word-for-word, might be necessary for precision.

Considering Digital vs. Human Transcription

When transcribing board meetings, organizations often weigh the options of digital (automated) and human transcription. Here’s why people consider both and why human transcription remains the cornerstone for accuracy and reliability:

Digital Transcription

Also, automated transcription services are typically more budget-friendly, making them an attractive choice for organizations with budget constraints. However, AI-generated transcripts often contain many errors, which can put an organization at risk of incorrectly conveying decisions, action items, discussions, and other crucial aspects of board meetings. This can also lead to a lengthy review process, negating the savings in time and money that digital transcription was intended to provide. Despite advancements in AI, automation cannot fully replace personnel trained in verbatim transcription, and certainly cannot replicate the work of a professional minute-taker.

Digital transcription utilizes technology, notably artificial intelligence (AI), machine learning algorithms, and speech recognition tools, to automatically convert audio and video recordings into text, eliminating the need for manual transcription. It offers swift transcription of board meeting minutes, which is essential when dealing with substantial volumes of audio or video content under tight deadlines.

Human Transcription:

Human transcription involves an individual converting spoken language into written text. It requires meticulous listening to audio or video recordings to transcribe the spoken words, capturing both content and context. Human transcribers can understand accents and industry-specific words, and provide additional services, such as formatting, editing, and accurate time stamping, to enhance the minutes’ usability and readability. Moreover, manual transcription services prioritize data security, often backed by non-disclosure agreements and ISO standards, ensuring utmost confidentiality for sensitive meeting content.

In board meeting scenarios, where precision and accuracy are paramount for legal compliance, decision-making, and historical reference, human transcription remains the gold standard. While automated transcription can be a valuable tool for rapid content processing, it often falls short in capturing the nuanced details and subtleties that can significantly influence the interpretation and utility of board meeting minutes.

Choosing the Right Method for Your Needs

Both word-for-word transcripts and meeting minutes have a place when it comes to how organizations keep accurate records of events and information. When deciding between board meeting transcription and transcribing minutes of meetings, consider your industry, the purpose of the documentation, and the level of detail required. Think about whether verbatim transcripts or meeting minutes will better serve your specific meeting participants and other stakeholders.

In some cases, a combination of both approaches may be appropriate, with verbatim transcription reserved for critical legal or technical contexts and minutes serving as a practical, everyday solution for most meetings. Understanding the pros and cons of each approach empowers you to make an informed decision that best serves your organization’s objectives.

How Minutes Solutions Can Help

Minutes Solutions is the global leader in professional minute-taking, offering expert minute-takers skilled in board meeting transcription and transcribing minutes from both live and recorded sessions. Our services are tailored to meet your organization’s unique needs, regardless of your industry. Our unwavering commitment to quality and precision guarantees impeccable records for your organization, whether you prefer intelligent verbatim transcripts or concise meeting minutes. Contact us today to discover how we can enhance your meeting documentation processes, providing you with the flexibility to choose the method that aligns perfectly with your organization’s objectives.

In-Camera vs. Restricted Records

Posted on by Matt McEwan

In-Camera vs. Restricted Records

Posted on by Matt McEwan

There have been some recent decisions regarding the use of the term “in-camera”. Minutes Solutions has reviewed the decisions and discussed them in detail with our legal counsel. Here, we would like to clearly set out the main issues of each case and our stance going forward. The recent decisions are summarized below:

Decision 1: The main issue being the original request for minutes did not result in all of the minutes being provided. There was a lack of explanation as to why certain portions of the minutes were not provided, and why they were redacted. (Robinson v. Durham Condominium Corporation No. 139, 2021 ONCAT 81)[https://decisia.lexum.com/cao-oosc/decisions/en/item/512283/index.do?q=in-camera]

Decision 2: The main issue being the original request for minutes did not result in all the minutes being provided and an overall lack of good minute taking practices by the board. (Russell v. York Condominium Corporation No. 50, 2021 ONCAT 103)[https://decisia.lexum.com/cao-oosc/decisions/en/item/515574/index.do?q=in-camera]

Decision 3: The main issue being the original request for minutes did not result in any minutes being provided and a complete lack of response by the board. (Zamfir v. York Condominium Corporation No. 238, 2021 ONCAT 118)[https://decisia.lexum.com/cao-oosc/decisions/en/item/517702/index.do?q=in-camera]

The takeaway from all three cases is not only the importance of good minute taking and record keeping, but also the erroneous use of the term “in-camera”, which is not referenced in the legislation governing these decisions. Overall, it is critical to ensure that each request for records is in alignment with the requirements of the applicable legislation and regulations for your region.  As a result of these decisions, Minutes Solutions will no longer be utilizing the term “in-camera” and instead will use the term “restricted records” as we feel it is a more applicable term for our clients, no matter the region.

If there is a request to review records (from a person or entity that is allowed to see the records) the Board is responsible for providing the minutes and ensuring that there are no records omitted, either purposely or unintentionally. If there is a requirement for any redactions to those minutes, then the board must ensure that there is a reason supplied for each redaction.

Minutes Solutions is of the opinion that separating open minutes and restricted records has proven to be a benefit. Separate sets provide ease and efficiency for our clients, particularly in instances where redacting is required. Separate sets help the person redacting the minutes to identify which items are likely to contain portions that should be blacked out. Requesters have the right to review restricted records as long as the appropriate redactions have been made.

We are happy to continue providing minute taking services for restricted records for our clients and will continue to do so for all clients we currently provide this service for. If you no longer wish to receive a separate document with ‘restricted records’ please let us know and we will stop. Ultimately, we will continue to operate with the best interest of our clients at heart.

Trouble with Board Meetings?

Posted on by Matt McEwan

Trouble with Board Meetings?

Posted on by Matt McEwan

Formal meetings often bring together a myriad of personalities and personal agendas. Most board members have probably attended meetings slated to last one hour and have watched, with a sinking feeling, the clock tick past the three- or four-hour mark, with no decision or identified next steps in sight.

In the condominium world, meetings take place several times a year — often monthly, but sometimes more frequently if there are contentious or pressing items that require a decision.  Every now and then, a meeting needs a lot of time to lay out the topics and discuss each one prudently, ensuring that everyone can share their piece and hopefully come to an agreement.

However, some lengthy meetings are strictly the result of poor organization or an inattentive or inexperienced chair. The stark fact is that long meetings can often be inefficient and costly due to meeting rooms that are booked by the hour or a third-party minute taker who is paid hourly. On top of that, there is the opportunity cost of participants’ time. Most condo board members are volunteers and often busy people: the longer the meeting, the less time they can allocate to other matters, whether personal or professional.

Time and again, condo meetings, if only organized and orchestrated correctly, can be effectively conducted to achieve everything that is outlined. The issue often comes down to the conduct of the board, sheer disorganization and the inability to narrow down the salient topics. This is where guidelines on facilitating organized meetings can help tremendously. Here are a few things to consider:

Send the Meeting Package in Advance: The meeting package should include all documents that are to be reviewed, discussed or approved at the meeting, including the agenda and/or management report, financial statements, previous minutes and quotes from potential vendors. A well-outlined agenda will go a long way to cutting down your meeting time as it should clearly set out what is to be discussed and allows board members to prepare for anticipated discussions in advance. Reviewing the complete package, including previous minutes, prior to the meeting will allow conversations to take a more regimented course. Topics of discussion and amendments may arise from previous minutes, however, reviewing items in advance allows them to be approved promptly and potential changes can be discussed quickly.

Pre-Meeting Communication: Email communication prior to meetings is a great tool to save time when the board gathers. Before meetings, boards should send via email a list of approvals that will be needed. If everyone agrees to the approvals in advance, they can be confirmed via resolution at the meeting and adopted into the minutes. This will significantly limit conversation about motions and topics on which most board members already agree. Reconfirming the meeting with members and guests 24 hours prior to start time will also help eliminate the potential for a meeting to not make quorum. It is not uncommon for a board member’s availability to change right before a meeting and they may overlook the need to notify the rest of the board. A good practice is for boards to schedule their meetings at the start of the year, for the following 12 months, as this helps to reduce scrambling and rescheduling.

A Defined Start and End Time: Everybody’s time is valuable. Although discussions may go longer than anticipated, this puts a conscious timeline on the meeting, encouraging participants to respect the clock. Announcing when there are 30 minutes left in the scheduled meeting time reminds participants a limited amount of time remains to complete any outstanding agenda items.

Appoint a Strong Chair: The chairperson is essentially the quarterback of a meeting and should possess the ability to mediate conflict and prevent dialogue from getting out of control and off course. A good chair will effectively manage the agenda, take control when necessary and steer the meeting back on course from potential tangents. Sometimes subsidiary topics that are brought up are relevant; however, as opposed to a free-for-all on these new topics, it is up to the chair to allocate time to discuss these additional items.  Anything newly posited should be put on the agenda of a subsequent meeting so that new topics can be addressed in an organized manner. A good chair will also repeat and summarize motions for clarification. After motions are passed, sometimes there is still discussion due to a lack of clarity; repeating these items will clear up confusion and assist the minute taker in recording the motions accurately.

Avoid Table Talk: It is human nature for people to socialize and talk about everyday topics such as the weather, family, sports, etc. However, to run an efficient meeting, these conversations should be saved for before or after the meeting.

A Compliant Board: Yes, opinions and ambitions often differ in a meeting — that is the beauty of a democracy. However, board members should respect the time and opinions of others and acknowledge the current tasks at hand.

Minutes and Action Items: A good set of minutes with clear action items will set you up for success at your next meeting. Clear action items will let people know what they are tasked with for the next meeting and will hold people accountable. If members forget what their tasks are for the next meeting, they can always consult the previous minutes to see what needs to be accomplished. Showing up to a meeting without having tasks completed, or even acknowledged, can cause the meeting to veer off course before it even begins.

If a board follows these steps, meetings will achieve a more professional discourse and debates can be controlled in a tactful and time-effective manner.

Minutes Solutions is a professional third-party minute taking company specializing in condo board meetings since 2008. Please don’t hesitate to contact us with any questions: marko@minutessolutions.com