Data Retention Policy - Inaugural AI (2024)

1. Introduction

It is important to Inaugural AI to ensure that necessary records and documents are adequately protected and maintained and to ensure that records that are no longer needed by Inaugural AI or are of no value are discarded at the proper time. Accordingly, this Policy has been prepared to set out our policy regarding the retention and disposal of records and the retention and disposal of electronic documents. 

This Policy is also intended to help employees to understand their obligations in retaining electronic documents – including e-mail, Web files, text files, sound and video files, PDF documents, and all Microsoft Office or other formatted files.

2. Inaugural AI Record Retention Schedule

The Inaugural AI Record Retention Schedule is attached to this Policy. It sets out the maintenance, retention and disposal schedule for physical records and the retention and disposal of electronic documents. We will make modifications to the Record Retention Schedule from time to time to ensure that:

• it follows applicable laws, regulations, guidance and good practice
• continues to include the appropriate document and record categories for Kare; 

We commit to:

• continue to monitor legislation affecting record retention;
• annually review Inaugural AI Record Retention Schedule
• monitor compliance with this Policy.

As an overriding requirement, we commit to ensure that we retain all personal data that identifies a living individual in accordance with the applicable laws, including the Data Protection Act 2018 and the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) 

3. Suspension of Record Disposal In Event of Legal Proceedings or Claims

There are certain occasions when information needs to be preserved beyond any limits set out in the Policy. The Policy must be suspended relating to a specific customer or document and the information retained beyond the period specified in The Inaugural AIRecord Retention Schedule in the following circumstances:

• legal proceedings or a regulatory or similar investigation or obligation to produce information are known to be likely, threatened or actual.
• a crime is suspected or detected to have been committed.
• information is relevant to a company in liquidation or receivership, where a debt is due to any Inaugural AI group company.
• information is otherwise considered to be of potential historical importance and this has been confirmed by a director.

If there are possible or actual legal proceedings, investigations or crimes occurring, any information that may help or harm any Inaugural AI group company or the other side’s case or liability or amount involved should be retained.

If there is any doubt over whether legal proceedings, an investigation or a crime could occur, or what information is relevant or material in these circumstances, a director should be contacted and if necessary legal advice should be obtained.   

4. Security of information

We will take reasonable technical and organisational precautions to prevent the loss, misuse or alteration of information and store personal information in accordance with our Privacy Policy and internal Data Protection Policy.

In particular, we will store all personal information on our secure (password- and firewall-protected) servers.

5. Method of Destruction

All data, whether hard copy or electronic should be destroyed in a secure manner.  All hard copy data must be disposed of in the confidential waste bins or shredded.  Confidential and/or personal data must not be put into normal waste bins.    

We will use our best endeavours to ensure that all electronic data is securely destroyed in a way which cannot be restored. Back up, trash or recycle bins should be emptied regularly.

6. Who is responsible for this Policy?

The Board of Directors has overall responsibility for ensuring this Policy complies with our legal obligations and that all those under our control comply with it. The managing director has primary and day-to-day responsibility for implementing this Policy, and for monitoring its use and effectiveness and dealing with any queries on its interpretation. Management at all levels are responsible for ensuring those reporting to them are made aware of and understand this Policy and are given adequate and regular training on it.

7. Monitoring and review

The Board of Directors will monitor the effectiveness and review the implementation of this Policy regularly; considering its suitability, adequacy and effectiveness. Any improvements identified will be made as soon as possible. 

Last updated Aug 2024

Inaugural AI RECORD RETENTION SCHEDULE

For each document, we set out below the record type and the retention period

1. ACCOUNTING AND FINANCE

• Annual Audit Reports and Financial Statements:     Permanent
• Annual Audit Records, including work papers and other documents that relate to the audit: 7 years after completion of audit
• Annual Plans and Budgets: 7 years
• Bank Statements and Cancelled Cheques: 7 years
• Employee Expense Reports: 7 years
• Interim Financial Statements: 7 years

2. CONTRACTS

Contracts and Related Correspondence (including any proposal that resulted in the contract and all other supportive documentation): 7 years after expiration or termination

3. CORPORATE RECORDS

• Corporate Records (minutes, signed minutes of the Board and all committees, record of incorporation, articles of incorporation, annual corporate reports): Permanent
• Licences and Permits: Permanent

4. CORRESPONDENCE AND INTERNAL MEMORANDA

General Principle: Most correspondence and internal memoranda should be retained for the same period as the document to which they pertain or support. For instance, a letter pertaining to a particular contract would be retained as long as the contract (7 years after expiration). It is recommended that records that support a particular project be kept with the project and take on the retention time of that particular project file.

Correspondence or memoranda that do not pertain to documents having a prescribed retention period should generally be discarded sooner. These may be divided into two general categories:

1. Those pertaining to routine matters and having no significant, lasting consequences should be discarded within five years. Some examples include:

• Routine letters and notes that require no acknowledgment or follow up, such as notes of appreciation, congratulations, letters of transmittal, and plans for meetings.
• Form letters that require no follow up.
• Letters of general inquiry and replies that complete a cycle of correspondence.
• Letters or complaints requesting specific action that have no further value after changes are made or action taken (such as name or address change).
• Other letters of inconsequential subject matter or that definitely close correspondence to which no further reference will be necessary.
• Chronological correspondence files.
• Please note that copies of interoffice correspondence and documents where a copy will be in the originating department file should be read and destroyed, unless that information provides reference to or direction to other documents and must be kept for project traceability.

1. Those pertaining to non-routine matters or having significant lasting consequences should generally be retained permanently. 

5. PERSONAL INFORMATION 

1. This Section sets out the data retention policies and procedure of The Company, which are designed to help ensure compliance with legal obligations in relation to the retention and deletion of personal information
2. Personal information that is processed by The Company for any purpose or purposes shall not be kept for longer than is necessary for that purpose or those purposes.

Without prejudice to point 2 (above) The Company will usually delete personal data falling within the categories set out below at the date/time set out below:

• Information about a computer and about visits to and use of this website (including an IP address, geographical location, browser type and version, operating system, referral source, length of visit, page views and website navigation paths: 2 years
• Information provided when registering with our website (including email address): 2 years
• Information provided when completing a profile on our website (including a name, gender, date of birth, interests and hobbies, educational details): 2 years
• Information provided for subscribing to email notifications and/or newsletters (including a name and email address):    Indefinitely or until the client chooses to ‘unsubscribe’
• Information provided when using the services on the website, or that is generated during the use of those services (including the timing, frequency and pattern of service use): Indefinitely
• Information relating to any subscriptions made (including name, address, telephone number, email address and sector sought): 2 years or until consent is withdrawn
• Information posted to our website for publication on the internet: 5 years after post
• Information contained in or relating to any communications sent through the website (including the communication content and metadata associated with the communication): 2 years following contact
• Any other personal information chosen to be sent: 2 years following contact

However, we will retain documents (including electronic documents) containing personal data:

(a) to the extent that we are required to do so by law;

(b) if we believe that the documents may be relevant to any ongoing or prospective legal proceedings;

(c) to establish, exercise or defend our legal rights (including providing information to others for the purposes of fraud prevention and reducing credit risk).

(d) if explicit consent is given by the data subject.  

6. ELECTRONIC DOCUMENTS

1. Electronic Mail: Not all email needs to be retained, depending on the subject matter.

• All e-mail from internal or external sources – is to be deleted after 12 months.
• Staff will strive to keep all but an insignificant minority of their e-mail related to business issues.
• The Company will archive e-mail for 90 days after the staff has deleted it, after which time the e-mail will be permanently deleted.
• Staff will take care not to send confidential/proprietary information held by The Company to outside sources
• Any e-mail staff deems vital to the performance of their job should be copied to the relevant client or candidate record in Hubspot (The Company CRM system).

1. Electronic Documents: including Google Drive and PDF files, retention also depends on the subject matter.

The Company does not automatically delete electronic files beyond the dates specified in this Policy. It is the responsibility of all staff to adhere to the guidelines specified in this policy.

In certain case’s a document will be maintained in both paper and electronic form. In such cases the official document will be the electronic document.

7. INSURANCE RECORDS

• Certificates Issued: Permanent
• Claims Files (including correspondence, medical records, etc.): Permanent
• Insurance Policies (including expired policies): Permanent

8. LEGAL FILES AND PAPERS

• Legal Memoranda and Opinions (including all subject matter files): 12 years after close of matter
• Litigation Files: 2 years after expiration of appeals or time for filing appeals
• Court Orders: Permanent

9. MISCELLANEOUS

• Material of Historical Value (including pictures, publications): Permanent
• Policy and Procedures Manuals – Original: Current version with revision history
• Annual Reports: Permanent

10. PERSONNEL RECORDS

• Employee Personnel Records (including individual attendance records, application forms, job or status change records, performance evaluations, termination papers, withholding information, garnishments, test results, training and qualification records): 6 years after separation
• Employment Contracts – Individual: 6 years after separation
• Employment Records Correspondence with Employment Agencies and Advertisements for Job Openings: 3 years from date of hiring decision

11. TAX RECORDS

General Principle: The Company must keep books of account or records as are sufficient to establish amount of gross income, deductions, credits, or other matters required to be shown in any such return.

These documents and records shall be kept for as long as the contents thereof may become material in the administration of state, and local income, franchise, and property tax laws.

• Tax-Exemption Documents and Related Correspondence: Permanent
• Tax Bills, Receipts, Statements: 7 years
• Tax Returns: Permanent
• Sales/Use Tax Records: 7 years
• Annual Information Returns: Permanent

Last updated Aug 2024