8 Steps to Prepare for the Future of Board Meetings

The world of business is constantly evolving, and in today's digital age, embracing change is crucial for success. Boards of directors are continually responding and readjusting strategy in response to global challenges, and this has led to, amongst other developments, the digitisation of board meetings.  

This move has set the trend for the way that directors meet in the future, and this article presents eight steps that you can take to prepare for the digital future of board meetings. 

Embracing change in the digital era 

Change is inevitable. But, while humans often resist that change, clinging to traditional methods from a fear of the unknown, the corporate landscape has been evolving rapidly. If companies do not try to stay ahead of the curve, they can be left behind.  

 The COVID-19 pandemic accelerated the transformation of board meetings, and those boards most open to adjusting their approach were better able to carry out effective meetings during a time of social distancing.  

The digital shift 

Before the pandemic, only 5% of boards worldwide conducted virtual meetings. However, when lockdowns and remote work became the norm, this number skyrocketed to 95%.  

Furthermore, over half of these boards plan to continue with some form of online meeting model even as the pandemic subsides. This shift underscores the importance of adapting to new technologies and embracing digitisation in board meetings. 

Benefits of virtual and hybrid meetings 

• Flexibility
  Virtual meetings eliminate the need for directors to clear their schedules for a full-day, in-person event. Instead, they can attend from their offices or homes, saving time and travel costs. Hybrid meetings, which combine in-person and remote attendance, allow directors to choose the attendance method that best suits them.  

• Increased attendance
  Virtual meetings accommodate directors who otherwise could not make it to the boardroom for whatever reason. The ability to attend remotely ensures that essential participants can always be present. 

• Cost savings
  Moving board meetings online reduces travel expenses, venue rental costs and the need for printed materials. Digital tools, such as board portals, eliminate the need for physical distribution of documents.  

• Sustainability
  Virtual meetings contribute to sustainability efforts by reducing carbon emissions associated with travel and the use of paper and ink for printed materials.  
• Resilience
  Embracing virtual meeting capabilities provides organisations with the flexibility to smoothly transition to fully online meetings in response to unforeseen circumstances, such as future waves of a pandemic. 

Benefits of digital board management tools 

8 steps to prepare for the digital future 

To navigate the digital transformation of your board meetings effectively, take these steps:   

1. Move your documents online: Digitise board documents to ensure everyone has access to the latest information, eliminating confusion caused by multiple document versions being sent by email.
2. Enable real-time collaboration: Facilitate efficient collaboration among board members by allowing them to work together on documents in real time between meetings.
3. Secure your file storage: Prioritise security when transitioning to digital board meetings to protect your sensitive data and comply with local regulations. Ensure the solution you use meets stringent security protocols.
4. Secure your live streams: Use secure platforms designed for board meetings to conduct live streams and conference calls, safeguarding the integrity of meetings.
5. Be mobile-friendly: Ensure that board members can access documents and collaborate using smartphones and tablets to enhance flexibility.  
6. Prepare for online voting: Implement electronic voting through a board portal to streamline decision-making in virtual meetings and create an audit trail for the future.
7. Set up electronic signatures: Embrace electronic signatures to expedite board resolutions and reduce administrative costs associated with chasing traditional signatures.
8. Track your actions and decisions: Utilise digital tools to track actions and decisions, ensuring transparency, accountability and efficiency in board meetings.

Find out more about these steps in greater detail by downloading the ebook 8 Steps To Prepare For The Future Of Board Meetings.