Open Board Meeting

What Are the Forms of Open Board Meeting?

The board software is one of the forms to organize a board meeting. It is a specialized information system developed for customers as part of the digitalization and standardization of corporate procedures.

What are the forms of a board meeting?

The digital transformation of the business has already affected most of the business processes of large companies, including how their leaders work. Most working issues can now be resolved from a smartphone or tablet, which is especially important for top managers who spend a lot of time on business trips. A rare process that has not yet been fully automated is holding meetings at the highest level. Open board meetings are needed to exchange information, develop command solutions, and notify employees of important changes. Corporate management practice shows that 90% of fruitful ideas arise when exchanging views. They are also organized for decision-making and defining the company’s strategy. There are the following forms of the open board meeting:

  • In-person
  • Teleconference
  • Email.

Teleconference – a good alternative for conduction a board meeting

Digital transformation is the introduction of modern technologies in the enterprise’s business process. This approach involves not only the installation of modern equipment or software but also fundamental changes in management approaches, corporate culture, and external communications. Many companies already enjoy the benefits of electronic document circulation in cooperation with counterparties and the state. These advantages are also relevant in the field of corporate governance. Modern companies widely use digital platforms like board software for organizing online meetings of the board of directors in teleconference format. The system is designed to automate holding collegial meetings, including issuing questions for consideration, planning sessions, voting mechanisms, publishing protocols, issuing extracts, and monitoring the implementation of decisions.

It allows management and supervisory board members to access the latest meeting documents from anywhere, read them, comment on them, and keep an eye on all decision-relevant information. At the same time, thanks to digital processes, the executive and supervisory board offices can prepare all meetings faster and more efficiently. Furthermore, the highest security standards guarantee the maximum protection of the strictly confidential documents, while functions such as continuous logging ensure that all actions can be traced and ensure legal certainty.

How to organize an open board meeting in a board software?

The algorithm of the meeting includes the following stage:

  • The secretary only agreed and signed issues to add a collegial meeting to the agenda. A meeting of collegial bodies can be held in 2 forms: full-time and absentia. All participants are sent a notification of the planned meeting.
  • During the meeting, the voting mechanism is launched, which is carried out on each issue separately using EDS. The secretary can monitor voting statuses on issues in the protocol.
  • All decisions from the issues considered at the meeting are transferred to the protocol. The protocol is signed by the secretary and participants in the meeting. After that, the system creates instructions on the decisions made and sends them to the performers with extracts from the meeting protocol.

So, today, companies especially need members of the boards of directors who understand new technologies and how they affect business decisions. To do this, you need to correctly choose new directors and fit into continuous training for existing members of the boards.