A board portal or software for managing boards gives directors and administrators an encrypted digital space to communicate and collaborate. It also allows them to carry out their governance responsibilities efficiently and effectively.
The main function of a board portal is to facilitate paperless meetings by offering an online repository of documents on the board, as well as allowing electronic signatures, voting and meeting minutes management. Board portals also assist in keep the information secure by providing an audit trail for all activity and ensuring that only authorized users have access to confidential information.
Another important function is the ability to speed up meeting preparation by sharing digital board books with all members. This helps with planning and discussion and reduces the cost of printing and mailing materials. Additionally, changes can be pushed instantly and updates are visible to everyone in real-time.
Furthermore, using the board portal can enhance the process of onboarding new directors by giving them access to historical discussions and important background documents. This can help them take part in the meeting faster and ultimately offer stronger corporate governance to the company.
When choosing a board portal it is important to think about how the solution will fit into the culture of the organization and satisfy the specific requirements of the organization. It is a good idea for those who are involved in the selection process as early as is possible to give feedback and address any concerns. This will ensure a smooth transition and minimize the chance of discord with existing business procedures.