This policy outlines procedures regarding the retention of electronic and paper records. Because of legal, tax and financial reporting requirements, the company must retain certain financial and non-financial records for varying lengths of time.
In this example, the company retains records in an orderly fashion for time periods that comply with legal and government requirements. The actual record retention period is based on local requirements and practices, and in no case shall records be destroyed before the recommended retention period or before local statutory requirements. After each year-end, all files exceeding their designated holding period will be destroyed.