With the regulators like SEBI and stock exchanges coming heavily on many private sector banks and listed companies where instances of data leaks resulting in possible share price movements, Board members have become extremely cautious in managing the board papers
Board papers normally reach to Board of Directors in physical book form about a week before the Board, Committee or Shareholders meeting.
In a normal situation, board members receive the physical documents they read and comment the documents while at home or traveling for work. This at times results in some papers being left in the car or in some other company office leaving a possibility of misuse of information if goes into the wrong hands.
Board agenda papers are extremely confidential and contain price sensitive information like company financials, financial projections, strategic discussions note, business expansion, hiring decisions and competition strategy etc. With the board meeting agenda papers being hand delivered at directors home/office, any possible leak even by office boy, driver, peon or office assistant can cost very dear to the company, board members, and company officials.
To avoid this situation, companies are increasingly opting for paperless board meeting solution which is helping companies to avoid any flow of physical paper to board members this also negate the need to send documents by emails.
Globally Digital Board meeting has become accepted norm for almost two decades. In India with technology becoming key to business and fear of possible data leakage if handled in paper form, board members, CEOs and CFOs asking company secretaries and CTOs to find out digital board meeting solution.
Digital Board meeting software solution provides a safe and secured environment within the technological boundaries of the company to communicate with board members, key managerial persons, and management team attending the board and committee meetings.
This software also enables board members to put comments, annotations, and notes while reading the agenda documents and can review their notes while attending the board/committee meetings. The access to members is through any device so you can access it through Tab, Phone, laptop or desktop. Board members can communicate with other board members and company secretaries. The other features in many software include:
- Action Taken Report
- Agenda item request by businesses
- Notes for minutes drafting
- Screen locking for CEO, CFO
- Google Calendar blocking
With the good availability of net and wifi becoming a way of life Board members are preferring to go digital to access all board meeting related documents instead of carrying bulky folders, bags and risking possible data leak or breach.
This software can also be used for various other meetings like Executive Management Meeting, Internal Committee Meeting, Business Review meeting, Client meeting and cross-border alliance meeting.
Technology has reduced the distance completely and highly secured platforms are helping businesses in conducting meetings digital way.
Volody, a SaaS product company focusing on Secretarial, Compliance and Legal software has an excellent solution to meet your specific requirement.