The minimum number of individuals (possessing a vested interest in a company) who must be present or represented in order to validate a meeting’s proceedings as outlined in the corporation’s charter. There is no single number that constitutes a quorum, though most of the time a simple majority serves as a guidepost for how quorum requirements are structured.
When a meeting has enough interested individuals present, decisions by a corporation’s board may be validated. When a corporate charter’s quorum requirements are not met, meetings are generally either adjourned, temporarily recessed or the time for adjournment is adjusted until after a quorum can be established. As the functionality of a meeting (and the validity of its actions) are dependent upon reaching a quorum, it is important to establish quorum requirements that are representative of the group but also allow for ease of scheduling without requiring that every interested party be in attendance before anything of substance can get done.
Executive: “I need you to get Stackhouse on the phone.”
Assistant: “What should I say that the call is in reference to?”
Executive: “Him cutting his absurd trip to Dollywood short so that the board meeting tomorrow can meet quorum requirements.”