Preparing for the board of directors is a time-consuming process. For top managers to quickly receive the necessary information and control over the execution of orders, board software was designed.
Why do the boards need board management software?
For a company with more than fifty shareholders, it is mandatory to convene the board of directors. This body exercises the general management of the enterprise and decides on fundamental management issues. Meetings of the boards of directors are reasonably regular events. As a rule, they are held at least once a quarter.
The preparation of meetings of the board of directors, as a rule, includes the collection of issues for discussion (including draft decisions), the preparation of materials on selected issues, the formation of the agenda, the distribution of notices, etc. Based on the meeting results, a protocol is formed, according to which instructions are issued. Implementing these processes in manual mode requires significant time costs, work with large volumes of paper documents, lengthy approvals, and, most importantly, making it difficult to make decisions and control the execution of relevant instructions.
What is the software functionality?
The development of modern technologies in electronic document management allows you to automate all processes related to holding meetings of shareholders successfully. For many large companies, specialized solutions like a board portal to support the board of directors are becoming the standard.
A board management software is a system specifically designed to accomplish meeting effectiveness, collaboration, and decision-making among board members and executive teams. Today, committees can work completely paperless. Board portals have established themselves as a must for company management according to “Good Corporate Governance” rules. It is a virtual collaboration platform that enables teams to collaborate, capture ideas and work on projects in real-time & remotely. The web application offers a limitless whiteboard with numerous functions for creating, editing, and sharing content between the board members:
Templates and diagrams for every project;
File import (images, text and PDF files, presentations);
Functions to insert symbols, videos and audios;
Editing tools: pen and highlighter tools, text tool, shapes, eraser, section creation tool;
Collaboration features: insert post-its & comments, the pointer for each participant, timer, chat, voting;
Integrated video conferencing system (audio & video, screen sharing function).
So, the system allows you to automate the meetings of boards of directors, notifies about corporate events, maintains registers, absentee voting, and also optimizes the processes of interaction between the corporate secretary, the chairman of the board of directors, and members of the board of directors at all stages.
Board software: how to organize online board meetings?
After the approval of the agenda, it is sent to all participants. At the end of the meeting, the responsible officer forms the meeting minutes. After creating the draft protocol, the meeting participants have the opportunity to vote on draft decisions on the issues included in the agenda. A ballot is automatically formed, which displays information on voting. Based on the results of the consideration of specific issues, instructions are formed on the decisions made at the meeting, executors (responsible), and deadlines are appointed. Here, operational work plays an even greater role than in preparing the agenda. Due to automation, the smoothness of the business process of working out tasks at all stages is achieved. The main advantage of the board management system is the possibility of constant control.