Passageways Blog

"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)

In today's economic environment a company's board of directors and senior executive team face increased pressure, scrutiny and expectations. This serious 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. As a result, Directors are now being asked to review, and be responsible for, considerably more information.

The advent of the board portal is streamlining the communication process for many companies, not-for-profit and Fortune 500 alike. These companies recognize the need to improve the governance process, are looking to achieve Green objectives by going paperless, and want to provide their directors with the ability to collaborate and interact electronically.

Let's take a look at 5 strategies to achieve a paperless shift with your board of directors.

1. Choose a strong partner - There is no shortage of providers to meet your board portal requirement. Although you should not be looking for a provider, but rather a partner. Your board portal is the last solution you want to have to implement twice. Choose a partner that you are confident can meet the needs of your board members. Check their references and ensure that all end-users, administrators and directors, use the solution and are happy with their choice.
   
2. Assess the current cost of the packet creation process - Once deemed to be an expensive alternative to the paper process, board portals are now proven to be a cost-effective alternative to printing large quantities of paper based reports. Ask your potential partners to work through a cost-analysis of your current paper process accounting for: billable hours, shipping, printing, and collaboration.
   
3. Assess the advantages of using a portal solution - Have you had an emergency meeting? How common are 11^th hour changes to your packets? Do your directors truly have enough time to review all of the content? Is your organization more environmentally aware? A board portal eliminates all of these concerns. Materials are received immediately and updates can be processed in real-time. Paperless, emergency packet changes can be handled online directly from the portal.
   
4. Find a solution that is scalable - Choose a solution and a partner that is committed to ongoing development and enhancement of its services. Ask potential partners for a list of updates processed over the last several quarters to ensure that they are consistently updating their application.
   
5. Find a champion - Every new implementation needs a champion, especially when you decide to implement a board portal. Involve a director who is progressive and recognizes the benefits that a portal offers. The supporting voice of your "champion" will aid in the process of making a paperless shift with your board of directors.

It's time for a shift in the way your board of directors communicates. A board portal streamlines the board communication process, encourages collaboration and interaction among directors, and reduces organizational risk.