Which document typically sets out the internal governance framework and meeting procedures?

• A. Memo of Association
• B. Balance Sheet
• C. Articles of Association
• D. Audit Report

Answer: (C)

The document that sets out how a company is governed from within and how meetings are run is the Articles of Association. It acts as the company's internal constitution, detailing how the business is to be managed, including the powers and duties of directors, how directors are appointed or removed, and crucial meeting rules such as how and when meetings are called, who can attend, what constitutes a quorum, how votes are conducted, and how minutes are kept. This is why it’s the best fit for describing the internal governance framework and meeting procedures.

In contrast, the Memo of Association historically outlined the company’s relationship with the outside world and its scope of activities, the Balance Sheet shows the company’s financial position at a point in time, and the Audit Report provides an external opinion on the accuracy of financial statements.