The development of modern integrated structures is closely related to the modernization of corporate governance mechanisms based on rapid testing and implementation of innovations like board software. Here is more about it.
Corporate governance arrangements
Corporate governance is a system of relations between the executive body of the company, its board, shareholders, and other stakeholders. It is one of the key elements of the company’s growth, increasing investor confidence. Corporate governance outlines the boundaries within which the company’s tasks are determined, the means of performing these tasks, and monitoring the company’s activities. Having an effective corporate governance system increases the cost of capital, companies are encouraged to use resources more efficiently, which creates a basis for growth.
The development of new technologies over the past decade has increased the role of business communications and collaboration of company employees with common corporate information resources in achieving business goals and organizing effective work. Therefore, modern portal solutions provide an integrated set of unified tools to ensure effective interaction between board members, applications, and data, as well as for user collaboration.
The constant supply of information plays an essential role in view of the increasing demands on committees and their professionalization – concerning the higher liability risk. Supervisory boards mainly use digital channels to access information and documents, usually via smartphone or tablet or from a laptop. In addition, they are increasingly relying on the exchange via board portals and encrypted communication.
Board portal – a key to efficient corporate governance
Many organizations worldwide are taking advantage of developments in technology and using electronic, portal-based solutions for their board papers, saving time and money, as well as improving the quality and consistency of board packs. The board portal helps solve all the challenges faced by members of a collegial governing body. Let`s analyze in what way the software impacts their activity:
For the chairman
- Determination of the agenda and work plan of meetings, obtaining results of work on issues from responsible persons;
- Effective work in several collegial bodies.
For corporate secretary
- Scheduling and organizational preparation of meetings;
- Formation and coordination of the agenda, place and time of meetings, work with materials on meeting issues, control over ensuring access to them;
- Conducting and automatic recording of meetings and absentee voting. Registration of attendance at meetings and quorum, and reporting;
- Storage of documents related to the activities of the board of directors, control of access to the information contained in them.
For members of collegial governing bodies and their assistants
- Online access to materials and decisions of previous, current, and planned meetings;
- Remote participation in meetings with full access to information;
- Formation of orders and control of their execution.
So, the board portal for enterprises unites board members into a single environment, making it easy to transfer all the necessary information, easily and simply communicate with each other, thanks to the built-in mail systems, and chats. Also, thanks to such a portal, you can manage projects, maintain document flow and exchange documents and files, arrange presentations, seminars. It will also be useful to maintain a database with addresses, phone numbers, and the necessary detailed information.
Moreover, the possibilities of integration with other information systems allow organizing a single repository of publicly available regulatory, operational, management information, industry / functional knowledge, accumulated experience intended for use by all employees of the company, organizing their teamwork, and the ability to remotely access the necessary information.