Board Management Tools Easing the Duties of Company Secretaries
Company secretaries are implementing good corporate governance practices so that businesses they are working for continue to abide by the relevant rules and regulations. In doing so, they are also protecting the interest of both the stakeholders and shareholders of the corporations.
Corporate secretaries also have jobs that require them to have knowledge on finances and accounting. The board usually asks for their opinion as well on how to better improve the company’s financial performance.
On top of these, the corporate secretaries are also preparing several board meetings, audit meetings, and committee meetings, among others.
They are ensuring that all the said activities are already detailed in the company’s annual calendar. All dates of the said meetings should be prepared a year in advance.
The annual calendar allows the corporate secretaries to prepare the necessary agendas open for discussion. This is why they should have with them board management tools that could make their jobs a little easier. At the same time, these board management tools can help them execute their duties more efficiently.
What are the Duties of a Corporate Secretary?
Before tackling the different board management tools, let us first have a look at the important duties of corporate secretaries. As mentioned, they are carrying a big to-do list every day. Here are some more specific ones:
- crafting and enforcing corporate governance policies
- developing and improving a corporate governance program
- assisting the board directors and committee members with their roles
- building relationship and overseeing corporate governance service providers
- helping the executive management team in every business move
- handling governance related to the legal entity
There might be more tasks assigned to corporate secretaries as their jobs are evolving throughout the years.
Let us now discuss the different board management tools every company secretary should have.
1. Safe Messaging Platform for the Organization
Having a proper online communication channel for the board members is imperative. At the same time, it should be safe and secure from potential cyber threats present nowadays.
The company should invest in this board management tool so it can stop relying on email and social media to share sensitive information. Hackers are always looking for data to be stolen so they can profit from it illegally. Always remember that.
Having a very secure messaging tool can help the company’s private conversation remain private. It is one of the board management tools that is urged to be used across different industries and sectors, especially because information is such a valuable asset.
This messaging platform, while helpful, is usually easy to use. It has the same functions and features of popular messaging apps but is safer to use.
2. Taking Notes Efficiently Through Board Meeting Minutes Software
One of the most crucial jobs, company secretaries are jotting down the board meeting minutes. The organization is expecting for them to provide accurate minutes of the meeting because they will serve as reference in the future should the legal court ask for them. Some company secretaries are still taking the minutes down manually, which might pose problems because this process is more vulnerable to clerical mistakes.
However, having a software for this—which is indeed one of the most useful board management tools—can truly help the corporate secretaries do their job quickly and more accurately.
The software can include the meeting dates, lists of attendees, and points of discussions during the meetings. When the minutes are completed by the company secretaries, they provide a copy to the board of directors for approval.
3. Improving Corporate Governance with Board Management Software
A board management software is seen to strengthen the corporate governance of a company. This can allow the board of directors to handle sensitive materials, collaborate anywhere, and vote on business decisions and resolutions quickly.
The software is equipped with a digital library containing requisite documents and materials, which makes it easier for board directors to collaborate in a digital space.
Company secretaries, for their part, can organize agendas, annotations, and documents, among others, in a secure platform.
The software gives directors access to real-time updates to board materials anytime and anywhere. They just have to take a look at their phone, tables, and computers to know. Having this kind of access actually gives the directors an opportunity to derive more insights from the latest development, which can help in providing better suggestions.
For online discussions, company secretaries could facilitate this via virtual meeting rooms. Again, the software can ensure that the communication channel is safe from potential online threats.
For online voting, the software should be able to correctly track the number of votes.
4. Evaluating the Directors Through Board Assessment Tools
Every company should be able to take a step back and evaluate its performance. It is only necessary to know where you are exactly so you can point your next direction. Company secretaries, serving as the governance experts, should be able to manage board evaluations at least annually.
Using board assessment tools, the company secretaries should assess the composition of the board and its overall performance in the past year. You can use the following questions as guidance:
- In your opinion, does the board need to adjust its culture and composition?
- Is the company enforcing the best governance practices?
- Is the company complying with regulatory requirements?
One of the most delicate and difficult parts of evaluating the board performance is peer review among directors. The board assessment tools allow this process as well to avoid unnecessary arguments.
5. Eradicating Conflict of Interest Digitally
Company secretaries can now evaluate potential conflicts of interest through digital platforms. You are saving time from doing the report physically. Company secretaries are seeing the move to online as a big help to the direct and officer. Because the conflict-of-interest forms can be accessed digitally, they are accomplishing them right away.
Company secretaries can organize the data submitted in one secure and online database that can be accessed in real time.
Does your company need help? 3E Accounting is the best Indonesia corporate secretarial services provider for you. We have a dedicated team looking forward to addressing your every need. Contact us now!