Paperless Board Meetings refer to board meetings that are held on an electronic platform rather than traditional paper documents. The digital platform, also known as a board portal allows directors to review and add notes to meeting materials prior to the meeting, and during the meeting in real-time. This allows board members to remain engaged throughout meetings, and also provides an opportunity to enhance collaboration among board members.
The main benefit of going paperless is that it saves a great deal of time and money. The amount of material required to produce paper is substantial and the cost of printing and distribution goes up quickly. The transition to a paperless system helps reduce the environmental impact. This is a priority issue for many boards.
Reduced time needed to gather and prepare information for boards is another way that going paperless Investment Due Diligence helps cut costs. This results in lower expenses for labor, which is beneficial to the bottom line. The use of a board-management software that includes search functionality can reduce the time administrative staff is searching through meeting files to find important information.
Finally, going paperless can help boards meet security requirements. The most secure online board platforms have strong encryption, a feature that lets directors know who has access to the platform, and methods to keep track of the activities of users. These features stop sensitive information from being accessed by the incorrect people and help boards adhere to regulatory organizations like GDPR and SOX.