Can I access company meeting minutes as a shareholder?

In Plain English

Yes, as a shareholder, you generally have the right to inspect the minutes of general meetings of the company without charge. You can also request a copy of these minutes, but the company may require you to pay a prescribed fee.

Detailed Explanation

As a shareholder, your right to access company meeting minutes is protected by legislation. Here's a breakdown based on the provided context:

  • Inspection of Minute Books:

    • Companies Act 1985 (NI) states in section 319(2) that "The book containing the minutes of proceedings of a general meeting shall be open for inspection by a member without charge."
    • Corporations Act 2001 section 251B(1) states "A company must ensure that the minute books for the meetings of its members and for resolutions of members passed without meetings are open for inspection by members free of charge."
    • Corporations Act 2001 section 253N(1) states "The responsible entity of a registered scheme must ensure that the minute books for the meetings of the scheme’s members are open for inspection by members free of charge."

  • Requesting a Copy of Minutes:

    • Companies Act 1985 (NI) section 319(3) allows a member to request a copy of the minutes of a general meeting. The company must send the copy within 21 days after receiving payment (if a prescribed amount is required) or within 21 days after the request is made if no payment is required. The Registrar may allow a longer period.
    • Corporations Act 2001 section 251B(2) states "A member of a company may ask the company in writing for a copy of: (a) any minutes of a meeting of the company’s members or an extract of the minutes; or (b) any minutes of a resolution passed by members without a meeting."
    • Corporations Act 2001 section 251B(3) states "If the company does not require the member to pay for the copy, the company must send it: (a) within 14 days after the member asks for it; or (b) within any longer period that ASIC approves."
    • Corporations Act 2001 section 251B(4) states "If the company requires payment for the copy, the company must send it: (a) within 14 days after the company receives the payment; or (b) within any longer period that ASIC approves."
    • Corporations Act 2001 section 253N(2) states "A member of a registered scheme may ask the responsible entity in writing for a copy of any minutes of a meeting of the scheme’s members or an extract of the minutes."
    • Corporations Act 2001 section 253N(3) states "If the responsible entity does not require the member to pay for the copy, the responsible entity must send it: (a) within 14 days after the member asks for it; or (b) within any longer period that ASIC approves."
    • Corporations Act 2001 section 253N(4) states "If the responsible entity requires payment for the copy, the responsible entity must send it: (a) within 14 days after the responsible entity receives the payment; or (b) within any longer period that ASIC approves."

It's important to note that these rights pertain to the minutes of meetings of members (shareholders) of the company, not necessarily the minutes of meetings of the directors.