Corporate boards deal with a true spectrum of company issues. From acquisition decisions to compliance to high level hiring, strategy is, and should be, top of mind. Meanwhile, qualified board members are almost inevitably strapped for time and energy with other commitments. How can busy directors maximize their time to effectively determine corporate board strategy for the companies they represent?
According to McKinsey’s study on 770 directors from both public and private boards, the impact they have on companies directly relates to how many working days they devote to the cause. Still, board members who report the highest impact on companies (with about 40 days per year), report that they wish they could devote even more time to corporate board strategy. (1)
Corporate Board Strategy with Board Portal Software
With such high-level concerns, there remains very little time for the necessary administrative tasks of both board and committee meetings. How do boards and companies schedule meetings, get documents in order, communicate securely, and ensure regular engagement without spending all of their time on paperwork and housekeeping? Many companies have turned to board portal software to manage administrative tasks so that they can focus on important corporate board strategy issues. Board portal software enables companies, board secretaries, and administrative staff to devote time to meaningfully prepare for meetings, and get back to work developing corporate board strategy.
So, why are some companies still performing their administrative tasks offline? We often hear that IT resources are scarce, stakeholders have diverse needs, and procedures can get sticky with time.