Some corporations must hold annual meetings and draft annual meeting minutes for satisfying their business compliance responsibilities. The main purpose of the annual shareholder meeting is to elect the corporation's board of directors for the next year.Most states require that S corporations keep meeting minutes. Here's what you need to know about minutes, why you should keep them, and how they should be kept. Minutes of annual meetings must present a complete, accurate picture of the corporation's activities. The ASH annual meeting virtual platform is now open to all attendees. Watch sessions in real-time or catch up with on-demand access! Shareholders must have meetings, and the S corp will track their minutes. There's also a requirement for S corps to have annual meetings in New York State. Imagine you've planted a small citrus grove in the sunny heart of California.