Tips to memorise - P1 eg. chairman's roles

P1 may seem overwhelmed with knowledge to learn and remember but actually there are many things that you don't need to memorise. For those that you need to memorise, you should always try to create mnemonics for aiding memory. But there is one approach better than using mnemonic but not always applicable, I call it "ideas from mnemonics". This technique brings you many ideas from the mnemonic itself. I will take chairman roles (you need to remember for exam) as example. (It is a best practice to separate chairman and chief executive)

Chairman roles - BINS

Board
1. Act as a leader of the board.
2. Ensure board's effectiveness.
3. Set board's agenda.
4. Promote culture of openness and debate in board.
5. Design appropriate induction programmes for new board members and training programmes for all directors.
6. Chair all meetings.
7. Ensure that board meetings take place on regular basis.
8. Ensure that board members' performance is formally evaluated on an annual basis.

Information
1. Ensure that directors receive accurate, timely and clear information.
2. Ensure that directors receive relevant information in advance of board meetings.

Non-executive directors (NEDs)
1. Hold separate meeting with NEDs.
2. Facilitate good relationships between EDs and NEDs.
3. Coordinate the contributions of NEDs.
4. Chairman, along with NEDs, should hold chief executive to account.

Shareholders
1. Represent company to shareholders and other stakeholders.
2. Ensure effective communication with shareholders (probably using chairman's statement or dialogue).

The above gives you some ideas, some roles can be linked. By only remembering BINS you can generate a number of ideas by yourself which is more effective than remember each role separately. Again, this technique is not always applicable and require some skills to do it. :)