Digital Transformation

Digitizing the Board for Efficiency

The high-profile corporate scandals of the late 1990s ushered in legislation and mandates that substantially increased the workload of corporate boards. Coupled with the acceleration of internet use and the evolution of technology, this new corporate governance landscape has led to a higher level of board engagement. Boards now spend as much time looking forward to ensure the company remains competitive as they do looking backward at previous quarter financials.

A robust board portal is a must-have for any corporate governance officer who wants to facilitate meaningful interaction between board members and maximize their time. Board portals have evolved beyond paperless board books into secure and integrated communication platforms for boards and leadership teams, for boards and leadership teams that facilitate decision-making and automate administrative aspects of corporate governance. A digitized board is freed from cumbersome administrative processes to focus instead on core fiduciary duties including financial oversight, strategic planning, and risk management.

While most public company boards utilize a secure portal in some form or fashion, there is a wide range in the sophistication of how companies and their boards are utilizing them. At the bare minimum, some use their portals merely to create paperless board books that are uploaded in a PDF format for secure delivery and sharing. Limiting use of the portal to a virtual blackboard represents a lost opportunity, however, as there are tremendous efficiencies to be gained when the functionalities of a board portal are fully exploited.

Download now for an overview of key board portal functionalities, followed by tips for integrating that software into corporate governance infrastructure and workflows.