Today’s boards of directors are under constant pressure to increase efficiency and are responsible for overseeing an ever-growing range of issues and the challenges that the board members are facing have recently been further heightened by the COVID-19 pandemic crisis.
In order to overcome these challenges and handle the new hybrid world, the vast majority of companies have already started to dematerialized their board – the first step towards a successful future. However, dematerialization (in the sense of switching from paper to digital) is not enough. Using a digital tools within the board actually creates problems, for example, working in silos and exposure to security breaches. The only viable solution for the future of governance is to completely digitalize the board of directors in a centralized, secure, compliant and efficient manner.
Using a board portal comes with many advantages, including:
Centralized and more efficient board meeting organization.
Faster creation, annotation, and distribution of documents (including the agendas and minutes)
Improved document and information control and security
Transparent and asynchronous communication between board members
Streamlined drafting of board documents (e.g. minutes) in accordance with regulatory standards
Board member access to current and past information from any location at any time
Searchability of archived board records
Improved decision-making, execution, task tracking and governance
Reduced paper usage and waste
For the board of any company, be it private, public, non-profit, or government, a fully integrated governance solution, such as a board portal, enables the organization to address any challenge, crisis, or opportunity with flexibility and strategic precision. Equally, such a board of directors software is essential for ensuring a holistic view of governance, risk mitigation, and regulatory compliance.
