All the companies are required to conduct a board meeting at least once in every three months and there must be four board meetings each year as per the Indian Companies Act 2003. As the collaborator and distributor of Board information, the company secretary has a huge role to play in the efficacy and effectiveness of Board meetings.
Traditionally board meetings are held by compiling documents in a board pack, which is a source of information for board members. It includes –
Agenda – It provides an overview of that will be discussed at the board meeting. It states the purpose of a meeting, a discussion on specific topics, and necessary follow-ups. It is sent to the board of directors at least two weeks before the board meeting.
Previous board meeting minutes – The directors review the previous minutes of board meetings and what is the current status.
Each meeting needs a pile of paperwork and involves someone managing all the work extensively. You can see that the administrative team is spending too much time and efforts in preparing the documents required for board meetings.
But, now you can opt for Board Meeting Software which is leading the world. You can say goodbye to tedious and hassle paperwork and opt for paperless meetings.
Advantages of Paperless meetings
- Cost savings – While conducting a board meeting, administrative staff spend days gathering and collecting the meeting resources, printing them out and sending them to directors. The physical process is not only tedious for everyone involved but expensive as well. Digital board portals can help to better streamline communication, reduce mailing and printing costs, and ease the work burden of the staff.
- Quick access to important information – With the board meeting software members can access to all the necessary information instead demanding the additional documents from the administrative staff.
Board software can have secure access to –
- Policy manuals
- Audit reports
- Previous meeting minutes
- Orientation materials
- Centralized repository
Board meeting software allows you to save all your historical data in one place and organize in a folder. You can have access to the documents anytime you need and no need to search in the pile of physical documents, which is nevertheless time-consuming process. You can easily store files and generate reports. Directors can have access to real-time updates to the board materials anywhere from their tablets, computers, phone or offline.
- Enhances security
When a company uses physical documents there might be chances it may go missing, stolen or landed in the wrong hands. The confidential information of the company can be misused. But, with this software, you can provide members with their own login details and password which is centrally controlled by the administrator. You can have a check on who has logged in or logged out and prevent documents going into the wrong hands. All the documents are safe and secured.
- Conduct board meeting from the software
With the software, there is no need to maintain the log of the participants who are attending the meeting. Simply prepare the attendance sheet from the software. To make the process easy, e-voting feature is available. You can even generate custom reports in just a few clicks.
- Send reminders of the board meeting
By means of board meeting software, schedule reminders can be sent and your invitees can manage their schedules and time accordingly.
- Save trees
If your organization can prevent the environment by going paperless for board meetings. Last-minute edits and submissions that change the documents won’t require a reprint that can get up to thousands of pages. You can just print right before the board meeting for those who prefer to have a hard copy, this simple initiative can save so many trees in the process.
The board management software enables the users to run carry on digital meetings which augments transparency and accountability in an organization. There are no restrictions on the number of files you need to store.
Board management software certainly streamlines administration, makes the engagements better and enhances the organizational governance. With all the above benefits the majority of companies who have switched to paperless meetings and adopting board management software.
Instead of going from one place to another to attend the board meeting, now directors can join from wherever they are, only an active internet connection is needed. Thus, no director is left behind!