Retention Policy

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

1. Purpose

The purpose of this document is to establish a comprehensive policy for the retention and disposal of records and information across {{company_name}}.

This policy ensures compliance with legal and regulatory requirements, minimises risks associated with information mismanagement, and supports efficient access to necessary information.

2. Scope

This policy applies to all employees, contractors, and third parties who create, receive, or maintain records on behalf of {{company_name}}.

It covers all forms of records, including electronic and physical documents, emails, databases, and other data storage formats.

3. Definitions

**Records:** Any recorded information, regardless of form or medium, created or received by {{company_name}} in the transaction of business or in the pursuit of its legal obligations.

**Retention Schedule:** A comprehensive list of record series, indicating the minimum length of time records must be retained and their final disposition.

4. General Principles

**Legal Compliance:** All records will be retained in accordance with applicable laws, regulations, and industry standards.

**Accessibility:** Records will be maintained in a manner that allows for timely and efficient retrieval.

**Security:** Appropriate measures will be taken to protect records from unauthorised access, alteration, destruction, or disclosure.

**Disposal:** Records will be disposed of securely and in accordance with this policy and the Retention Schedule upon expiration of their retention period.

5. Retention Schedule

The Retention Schedule (attached as Appendix A) specifies the minimum retention periods for different categories of records.

Departments are responsible for adhering to the retention periods outlined in the schedule.

Any deviation from the Retention Schedule must be approved by {{approving_authority}}.

6. Roles and Responsibilities

**Management:** Responsible for approving and overseeing the implementation of this policy.

**Department Heads:** Accountable for ensuring their departments comply with this policy and the Retention Schedule.

**Employees:** Responsible for understanding and adhering to the policy in their daily work.

**IT Department:** Responsible for maintaining the integrity and security of electronic records and providing technical support for record management systems.

7. Legal Holds (Litigation Holds)

In the event of actual or anticipated litigation, investigation, or audit, a legal hold may be issued.

Upon notification of a legal hold, all affected records must be preserved immediately, regardless of their established retention periods, until the hold is officially lifted.

Failure to comply with a legal hold can result in severe legal penalties for {{company_name}} and individuals.

8. Training and Awareness

All employees will receive appropriate training on this Retention Policy and related procedures.

New employees will be oriented on the policy as part of their onboarding process.

9. Policy Review

This policy will be reviewed periodically, at least every {{review_frequency}} (e.g., two years), or as necessitated by changes in legislation, technology, or business practices.

Any updates or amendments to this policy will be communicated to all relevant stakeholders.

10. Signature Block

_____________________________

Name: {{authorised_signatory_name}}

Title: {{authorised_signatory_title}}

Date: {{date}}