The Board of Directors is a mandatory governing body that every company has. The number of participants and their tasks in the organization of the company’s work is different – enterprises make their own decisions about this.
To create comfortable working conditions, managers can use board portals – special software where you can hold meetings, record their results, organize voting, and much more.
Why does a company need a board of directors?
The Council helps companies grow and develop at the business’s pace – without slowing down and at full capacity. Plus, the board of directors and corporate governance also solves the owner’s tasks – it helps him to minimize his presence in operational management.
All companies need corporate governance, but not all companies need it similarly. There is no single, common corporate governance model for all, although the challenges for companies are the same:
- The need to attract funding.
- The need to maintain and expand market share.
- Risk and innovation management.
- Creation of a sustainable system that allows the company not to depend entirely on the personality of its founder.
Both advisory boards and boards of directors have a similar structure:
- Both should have a chairman who presides over council meetings, as well as formalized procedures for conducting them.
- Executive directors (those who are immersed in business) – as they have an advantage in assessing the understanding of what is happening due to their experience and knowledge of the internal kitchen.
- Independent directors are more likely to be objective and not emotionally attached to the company, unlike executive directors or business owners.
The ability to navigate the numerous nuances of the company’s work and maintain a strategic horizon is the DNA of experienced independent directors! Indeed, sometimes it is difficult for people involved in operational management to be distracted by something else besides pressing issues!
How do board portals help managers?
Software for managers allows you to solve the following tasks:
- Conduct meetings online. You can arrange a board meeting with just a few clicks. To do this, it is necessary to introduce topical issues submitted for discussion and choose which of the managers will participate in a future meeting.
- Record minutes of the meeting. Each meeting of managers is inevitably associated with the adoption of certain decisions, the introduction of rational proposals, and so on. Therefore, you can conveniently record everything in the meeting minutes right in the program itself.
- Conduct voting. The programs have special services for a vote, which can be configured by the charter of your particular enterprise.
- Sign resolutions. By uploading electronic signatures, meeting participants can sign the decisions made without personally participating in the event.
Also, programs allow you to store information and files in safety. Board portal services include Diligent Boardbooks, BoardEffect, Azeus Convene, BoardCloud.