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Are there any laws governing how many meetings a director on a bank’s board of directors is required to attend? – IBA Compliance Connection

Are there any laws governing how many meetings a director on a bank’s board of directors is required to attend?

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There are no Illinois laws mandating board member attendance at meetings, and note that attendance by teleconference is equivalent to in-person attendance. That said, if there is a high level of absenteeism, you may run into problems with regulators. We recommend that you have a policy in place regarding board member attendance. (For example, the OCC’s Director’s Book states that “[d]irectors who do not attend or participate in board and assigned committee meetings regularly are not fully meeting their responsibilities” and that examiners will criticize an individual director’s “unsatisfactory attendance.” The Director’s Book, OCC,(July 2016).