Can someone explain (in detail) tracking boards?

I've seen a few threads on this and still am not sure if I understand.
From what I've gathered, they work like an intranet for execs.

Are they structured like message boards where they either praise or trash different projects floating around? Or is it that everytime a piece gets coverage from any agency or studio in town the coverage gets posted for all to see?

And also...if this is the way it works (the latter) how much weight is given to other agency's coverage?

Thanks
S

The former.

It's just formalized gossip.

If the company is a WGA signatory, then their script coverage can only be circulated to companies with whom they have a formal business relationship, unless the co. has optioned or purchased the material or has the writer's permission to circulate it more widely (I wonder if a writer has ever agreed to that).

Since the purpose of tracking groups is to get soundings from colleagues who work elsewhere, actual coverage attributable to a particular company would not be posted, because the WGA would likely find out and fine them (I understand it is $1000 a time) for breaching that particular clause of the MBA

Same also applies to synopses