Minutes should be called something more grandiose given the crucial function they serve within a company.
Apple’s ex-general counsel Nancy Heinen will be accused by the SEC of changing minutes to backdate options. Heinen, who left in May, has denied any corroboration in the scandal even though her options package—along with Steve Jobs’ package—was boosted.
The grant of a split-adjusted $15 million stock to Jobs was approved at a board meeting in August 2001, but terms weren't finalized until December. Apple then dated the grant back to October, when the share price was higher. Heinen is under suspicion of encouraging others to prepare false minutes and altering minutes from board compensation committee meetings to cover up backdating.
No doubt more scandals like these will pop up as long as minute-taking protocol lacks clarity. June’s cover story in Corporate Secretary addresses just that, calling for a minutes best practice.
Corporate Secretary magazine