Having an effective corporate governance structure is a matter of utmost importance. In this article, we will consider how to organize a productive corporate management system and board collaboration with the help of the board portals.
The peculiarities of corporate governance
Nowadays every company strives to bring the corporate governance system in line with the best world practice and realizes that an effective and transparent system of relationships between its management bodies, shareholders, investors, and stakeholders will allow the implementation of strategic goals and objectives.
Corporate governance includes how the activities of an individual corporation are managed by the board of directors and management, which affects such aspects as:
- setting corporate goals (including obtaining economic benefits for owners);
- management of the current activities of the corporation;
- taking into account the interests of participants in corporate relations;
- ensuring the compliance of corporate activities and corporate culture with the requirements of the current legislation, regulatory framework, and generally accepted standards of business turnover;
- protecting the interests of shareholders and investors.
The board of directors in this structure carries out general management of the company’s activities, is responsible for approving the development strategy, business plan reviews key projects and transactions, and also monitors the achievement of the organization’s strategic goals.
Following modern tendencies of remote work, most companies transfer their activities into an online format, and a board of directors is not an exaptation. In this case, a board portal is the best alternative to provide an online secure working environment.
Board software for efficient corporate governance
The board portal system is designed for the involvement of the members of the collegial body in the process of working with questions even at the stage of preparing the meeting and is structured in such a way as to provide maximum information for decision-making on a problem, additional documentation, tracks the appointment and implementation of assignments, status changes, news. The desktop module is installed at the secretary’s workplace and includes tools for scheduling meetings, forming and agreeing on the agenda, place, and time, controlling access to documentation, registering attendance, logging, and reporting support.
The client module with an intuitively simple interface opens access to all materials and decisions of previous, current, and planned meetings, as well as control over the execution of orders, reporting, and most importantly – a legally significant voting system.
The software makes it possible to hold meetings and vote remotely while guaranteeing the highest level of information security. Structures information flows, reducing the time required to prepare materials. Allows you to store information about meetings, questions, and assignments on the tablet.
H3: Logic of board portals operation
Board portals simplify the working process of collegial bodies with the help of some functions:
- At any convenient time, questions with any data are added to the system, and draft solutions to these issues are proposed;
- Questions are combined and put on the agenda of the next meeting at which they will be reviewed;
- A meeting is planned – its participants are indicated, the time and place of its holding, as well as other parameters;
- At the meeting itself, the issues on the agenda are considered, draft decisions are voted on;
- Based on the results of the voting, decisions are approved, a protocol with a list of issues considered is automatically generated and adopted decisions;
- Based on the results of the meeting, the responsible persons are given the necessary instructions.