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#1652658 - 01/19/12 02:38 PM Record Retention of Board Documents
jef8111 Offline
Member
Joined: Jul 2004
Posts: 96
I understand that board meeting minutes, audit committee, compensation committee, trust committee & executive committee minutes should be saved forever. That is no problem because we can scan these documents.

Does anybody know how long the supporting documents for these meetings should be retained? Financials, bsa training, annual security report, etc? Should these be saved forever too?

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#1652705 - 01/19/12 03:11 PM Re: Record Retention of Board Documents jef8111
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
I can't find a specific citation for Michigan, but normally any document referenced in the actual Board minutes becomes part of the minutes and therefore the retention requirements will apply to those items also. From a committee standpoint, I couldn't find any specific references either and States sometimes have different retention levels for those. A call to the Office of Financial and Insurance Regulation might be in order to see if they have ever set forth any guidance.
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#1653143 - 01/19/12 07:40 PM Re: Record Retention of Board Documents jef8111
jef8111 Offline
Member
Joined: Jul 2004
Posts: 96
Thank you!

I appreciate your input on this and I will contact OFIR next.

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