Enhance your meeting management process with a board portal for a more efficient corporate governance – 3rd Part
July 5, 2017 / By Romain Isaac
In the first 2 articles in this series, we emphasized the benefits of a board portal for the preparation of the board meetings upstream and the added value for board members during their meetings. In this third and last article, we reveal the perks of using a board portal for post-meeting activities.
A quick review of the steps presented in our earlier articles:
Actions taken after a board meeting are essential for good corporate governance. These tasks must be done correctly to get the most out of the recommendations and decisions made during the meeting.
STEP 6: Draft and distribution of meetings minutes
Meeting minutes denote a written document that includes a summary of the actions taken during a board meeting. In terms of compliance, this is an official document for courts, audits and all stakeholders of the organization and allows the attendees and absentees to have a record of what happened during the board meeting.
This document must be structured and must contain details of the meeting, names of members present or absent during the meeting, key points, approved decisions, the way they were discussed and how to follow-up on these decisions. Thanks to the board portal, meeting notes can be taken and recorded directly on documents in the portal using a tablet or a laptop during the meeting. This makes it easier to organize and record the meeting minutes while the information is still fresh in the note taker’s mind.
Given that the Leading Boards’ platform is ISO 27001 certified, the meeting minutes will be secure and easy to access. Once the person responsible for the meeting minutes approves them, they can be submitted to the other board members, who can make corrections, making it a fast process for all attendees to approve the minutes in time for the next meeting.
Sharing the minutes through the board portal saves the time and the costs associated with printing the document on paper and postage of the document. With the minutes easily accessible to everyone, board members can be more involved and it gives them more time to confirm or complete actions assigned to them or which they volunteered for.
Note: We recommend that you save your original records and other official documents on paper with the original signatures to ensure that you can locate these documents in case of a major computer problem or as evidence for the court.
STEP 7: Archiving the meeting
Once the board meeting is over and the minutes have been approved, all of its material should be stored in a secure location so that it is accessible to all board members, designated stakeholders or for an audit. This also demonstrates the board’s commitment to compliance and to being transparent and ethical. By archiving all previous meetings, board members can access older information like previous meeting minutes so they can be more efficient and make smart decisions.
Moreover, meeting materials stored in a digital manner cuts down on the need for physical storage space and the need to print or copy documents is reduced, saving time and money. Minutes represent highly confidential information for a board and having it on secure digital storage such as Leading Boards strengthens the security of board documents. With Leading Boards, sensitive data is stored on servers certified by international standards like ISO 27001 and PCI Compliant, mitigating risks of hacking, stolen passwords or losing paper documentation.
STEP 8: Achieving a paperless workflow
With all the meeting process stored inside the portal, the next step is to create a paperless governance structure and workflow.
Indeed, between meetings, the portal can be used by board members for ongoing work within committees or to lead secure discussions between members with collaborative tools like debates or polls. With this dedicated space, the board member can share general information, keep members up to date with the latest news about the company or about the industry.
By streamlining the governance processes, the portal improves the flow of information and maximizes efficiency. Drive your board of directors into the digital age and benefit from all the intuitive features to reduce the burden of paperwork while staying informed and connected.
Is it already time to organize another meeting? Let’s head back to step 1 to create and deliver the new board book to all directors wherever they are in the world, easily and securely.