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July 1, 2022
Cloud D&O Questionnaires Transform Board Governance
Written by: Lara Huber
Director and Officer (D&O) Questionnaires are just one of the major laborious tasks that are mandatory for many boards every year. As with every aspect of governance, best practices are a key component to crafting, delivering, and participating in the questionnaire process. D&O questionnaire technology for the modern boardroom has also made it possible to streamline and transform the once painstaking process.
Cloud D&O Questionnaires Decoded
D&O questionnaires are required for all publicly traded companies. The questionnaire is distributed by the company to all directors and officers during a number of events including preparation for an initial public offering, during the preparation of a registration statement on Form S-1, on the company’s Form 10-K, and proxy statement.
In accordance with SEC guidelines, the answers to the questionnaire provide information about an individual’s background, experience, securities ownership, independence, insider transactions, and compensation. The company and general counsel compile the answers from the cloud D&O questionnaires that reflect and accurate disclosure in its registration statements or Form 10-K and proxy statements.
D&O Questionnaires are also used by the board annually. They help determine director independence and audit committees frequently use the questionnaires to assess director expertise in certain fields. Cloud D&O questionnaire technology is now changing the way boards are creating, distributing, and reporting on these lucrative surveys.
Historically, these documents have had corporate secretaries and general counsel running around in circles, copying, pasting, scanning, and printing. They needed to chase down board members who answered questions incorrectly or didn’t answer questions at all. Board members are frustrated with redundant information, questions that don’t apply to them, and the time they take to complete. But that’s all changing with Govenda Surveys, fully integrated D&O questionnaire technology.
Govenda D&O Suite in now the preferred D&O questionnaire technology solution for both board administrators and board members. Govenda Surveys is a cloud-based solution fully integrated into our already unified application built for the web, Apple, and Android. D&O questionnaire time is cut in half for both parties, confusion is eliminated, and a once cumbersome process is made simple.
Cloud D&O Questionnaires Solution for Board Administrators
Govenda Surveys is revolutionizing cloud D&O Questionnaire technology. Creating these complex surveys are now easy and effortless. Admins can choose their preferred numbering settings, manage notifications for completion, and set completion dates. D&O questionnaire technology further simplifies the architecture of complex assessments. With multiple ways to create a new questionnaire, admins can start from scratch, an older version, or choose from one of the 5 templates including a complex D&O template. Drag-and-drop technology allows for easy organization for all categories and questions.
When creating questions in Govenda Surveys, admins have full flexibility with question options such as required, optional, and dependent. Answer styles are also fully comprehensive with options such as radio buttons, text boxes, rank order, multiple and limited selections, and tables for multiple row answers. D&O questionnaire technology provides the ability to create and manage a legal definitions list, which takes out the necessity for more paper documents to compile and sort through.
Security is always at the forefront of Govenda’s functionality, and our Surveys release isn’t an exception. Our exclusive D&O questionnaire technology gives admins have the ability to add a legally binding eSignature to the end of any questionnaire. They can also manage permissions for other admins for editing and viewing rights. Admins also have the ability to view and change answers as well as reject questionnaires that are incomplete or incorrect. This way, board administrators can make sure all cloud D&O questionnaires are completed thoroughly before sending them off to the legal team for review.
Easy D&O Questionnaire Technology for Board Members
The most prominent complaint from board members, directors, and shareholders regarding D&O questionnaires are the redundancy, time-consuming, and confusing nature of the survey structure. With Govenda D&O questionnaire technology users enjoy an intuitive and elegant interface that guides them through the survey with easily savable answers, extendable text boxes that have ample room for responses, and buttons that move users through the questionnaire.
Users can also begin their lengthy D&O questionnaire, save their place, and easily return to the place they left off. Users can also view their progress from a birds-eye-view of the survey, as well as individual questions in a split screen view. One of the most important elements of Govenda Surveys, Govenda’s D&O questionnaire technology, is the ability to take a questionnaire anywhere, anytime, on any device with the help of our full-featured applications. Users can navigate through their cloud D&O questionnaire with the tap of a finger on the go or use the web application to easily complete the survey.
Once a questionnaire or survey is submitted, users can review their answers in a PDF. They also have the ability to legally sign the document via eSignature, which ensures the document is legal and meets all of the qualifications for submission for proxy statements or pre-IPO documentation.
Govenda D&O Suite is transforming the boardroom D&O Questionnaire technology experience for board members, executives, and shareholders. Once an arduous, time consuming, and the redundant task has become intuitive, easy, and organized. The secure access and export of D&O questionnaires provide an organized solution for board administrators, corporate secretaries, and general counsel. The implementation of a fully integrated solution for D&O questionnaires is a change that can save time and money for every stakeholder in an organization.
Interested in learning more about Govenda Surveys and our exclusive D&O questionnaire technology? Let’s start a conversation today!
Tag(s): Questionnaires , Governance
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