What is the board meeting attendance requirement for a contracted “financial advisor” as opposed to that for the director designated as the financial expert?
The director who is the designated financial expert is expected to attend board and audit committee meetings consistent with the board’s internal attendance requirements. The financial advisor, who has neither voting rights nor board membership, needs to be available for advice and counsel to the board to the same extent that a director designated as the financial expert would be. If the board decides to retain a financial advisor, institutions might want to establish parameters for attendance (either in person or by teleconference) as part of the contractual agreement used to hire the financial advisor. Since a financial advisor’s attendance would not be included in the annual reporting of director attendance, institutions might want the board and audit committee meeting minutes to clearly reflect the attendance or absence of the financial advisor.
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