“Since the responsibility of directorship comes with significant personal liability, executive and non-executive Directors should receive relevant development and education to inform them of their duties, responsibilities, powers and potential liabilities in working at board level.” – King II Report
Choosing a board meeting solution partner is a decision that requires a number of considerations to ensure a successful implementation of the tool. In today’s economic environment a company’s Board of Directors and senior executive team face increased pressure, scrutiny and expectations. Today’s environment demands a more acute knowledge of company activities. The Corporate Secretary’s office is expected to provide more information, and do so more efficiently and much more quickly. Here is a list of items to consider when choosing a board meeting solution provider.
1. Enhance your governance process We have discussed the increased pressure, scrutiny and expectations your board faces. A board meeting solution ensures that your Directors receive their board books on time, anywhere, without the hassle of having to receive a mailed or couriered paper version of the board book. Read receipts, alerts and notifications are key considerations from a governance process.
2. Increase efficiency in your administrative department Board meeting solution administrators have experienced a reduction of at least 60-70% in the time it takes them to create a board book. A board meeting solution reduces the unnecessary strain on your administrators and allows them to focus on improved reporting and governance processes.
3. Security The board material is sensitive to every organization. Do you have concerns about how paper-based archives and company policies are maintained by your Directors? A board meeting solution eliminates these concerns by offering a secure, online repository of all books and board materials.
4. Alerts and Notifications Addendums are a reality! Can you be sure that your Directors received the most recent update in advance of the board meeting? A board meeting solution ensures you can! Ensure your solution provider offers strong alert and notification tools to ensure your Directors are notified of the latest updates to your board materials.
5. Reduce costs Notwithstanding the personnel cost savings having reduced the time it takes to prepare the board materials, consider the cost of producing those monthly PAPER books! Compiling, printing, binding, distribution….it goes on and on. Don’t forget the inevitable addendum! Re-compile, re-print, re-bind, re-distribute….cross your fingers that your Directors received the addendum in time. Your board meeting solution should significantly reduce costs associated with book compilation and distribution.
6. Go green Is your organization looking to reduce your environmental impact? A board meeting solution eliminates paper both at the book and document resource levels. All board meeting solution users are progressing towards a paperless environment. Encourage your board to set the example as your organization looks to reduce its carbon footprint.
7. Intuitiveness, ease-of-use Have you tried this board meeting solution thing before? Are you concerned if your Directors will embrace this new technology? This is a common objection among users. A board meeting solution should be easy to use! Navigation must be simple. Directors with access to your board meeting solution should be USING your board meeting solution!
8. iPad Compatibility No single device has had a greater impact on the evolution of board meeting solutions than the iPad. The iPad is both a powerful and intuitive tool that Directors want to utilize. Consider providers that have invested in developing a dedicated iPad app providing Directors secure online AND secure offline access to board materials. Unlike some solution providers who simply allow users to use the iPad browser to access materials, an iPad app ensures an easy adoption process by your Directors.
9. Implementation and Training Considering some Directors hesitation to move forward with technology, a board meeting solution is the last solution you want to implement twice. It is important to ensure that your board portal solution offers a straightforward implementation while providing your administrators and Directors with multiple training options: one-on-one, weekly group sessions via web-conference, self-paced online training tools.
10. Trials There is no more effective means of assessing a board meeting solution than having an opportunity to trial the solution. A trial allows your administrative team to evaluate workflow improvements and experience the intuitiveness of the Director interface.
While there is no shortage of providers to meet your board meeting solution requirement, you should be looking for a partner, rather than a provider. Be certain to check the references of any potential partner and ensure that all end-users (administrators and directors) use the solution and are happy with the experience.
About The Author
- Passageways was founded in 2003 with a mission to Inspire and Enable Teams to Perform Better, Together. We do that by delivering a remarkable collaborative experience by leveraging technology, talent, and insightful analytics.
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