In these unprecedented times, businesses face more challenges than ever before, from supply chain disruptions to changing consumer behaviors. Amidst all this uncertainty, one key element of corporate success remains constant: a strong board of directors. One of the most important functions of the board is to guide the strategic direction of an organization and ensure it’s operating in the best interest of its stakeholders.

“ With great power comes great responsibility.” This is a famous line you probably associate with leadership and governance, or simply, boards. Boards hold both great power and responsibility over the company they’re serving. Tasked with oversight, they are responsible for checking the progress of strategies and operations. However, the boards themselves, whether for-profit or nonprofit, may also need an entity to oversee them. This is where the governance committee comes in.

Gathering diverse, international shareholders to meet traditionally involves travel time and a physical venue. The pandemic caused disruptions such as social distancing and travel restrictions that made it nearly impossible to run in-person AGMs. Many companies switched to virtual shareholder meetings in 2020 and 2021. The emergence of virtual AGMs, however, came with new meeting requirements that also changed the way companies engage with shareholders.

2022 has seen heaps of disarray with continued supply chain issues, energy price crises, and rising inflation. Businesses were forced to shift priorities and adopt new policies to continue driving profitability. There were also actions on the regulatory front, particularly in corporate governance, to guide companies into transformation. Moving to 2023, the pressure to adapt to the changing landscape continues.

Board meetings are a critical action that allows company directors to discuss and address company-wide concerns. This is where executives come together to make decisions of strategic importance. Every executive committee wants to run an efficient meeting, but the process can be increasingly time- and data-intensive. But with the rise of board management software, boards can streamline meeting processes and ensure efficiency at the same time.

Derived from the Latin word that means who, a quorum is the minimum required voting power of an organization’s body. These board members must be present in an assembly for the organization to be able to conduct valid business transactions. Among the responsibilities of the quorum are voting and participating in the decision-making process made during the board meeting.

Not all meetings are fruitful. According to Workfront, unproductive meetings consume 8% of an employee’s time — disrupting their workflow. This issue arose when businesses were still holding traditional pen-and-paper meetings. To cut off all the hassle, using the right board meeting software can make the switch to paperless meetings easier. Continue reading to learn more about why such a tool is worth the investment.

In today’s digital era, protecting the data and sensitive information of customers must be an utmost priority for companies. A small data breach would cost a business millions of dollars and could destroy the reputation that it has built since day one. Many companies are now investing in board management software to prevent data breaches. This platform enables enterprises and companies to conduct smoother yet safer operations, from task collaboration to board meetings.

The information every board document contains is the cornerstone of an organization and a board’s success. This is why all organizations must place a premium on secure access and storage of their documents. More than a step to keep pace with the demands of the global pandemic, adopting a centralized document repository for your organization signals a positive tread in your digital transformation journey.

Compliance and corporate governance have evolved into key practices that organizations must adopt in their operations. The steady demand for digitalization in business is one of the key drivers for these practices. Now that products and services are brought to digital platforms, organizations are not only expected to innovate and mitigate risks.