The Importance of Getting Your Agendas and Minutes Right

At a board meeting on 15 February 2001, the directors of James Hardie approved an announcement to the ASX about a corporate restructure. The restructure included the establishment of a foundation which would handle all asbestos-related claims against James Hardie. The next day, the announcement was released and it stated that the foundation would be “fully funded” to meet the claims. However, it later became apparent that the foundation was not fully funded.