Paperless Board Meetings are those of a company’s Board that take place on an electronic platform rather than using traditional paper documents. The platform, which is referred to as a portal for board meetings, allows directors to review and add notes to meeting materials prior to the meeting and during the discussion in real-time. This allows board members to remain engaged during meetings and also provides an opportunity for better collaboration between board members.
The main benefit of using paperless is that you can save significant time and money. The amount of materials required to make paper is significant, and the cost of printing and distribution can add up quickly. In addition, the shift to a paperless model helps reduce the environmental impact of paper, which is becoming an important consideration for many boards.
Another way to help reduce costs is by decreasing the amount of time spent collecting and preparing information for boards. This means less expenses for labor, which is beneficial to the bottom line. The use of a board-management software system that has search capabilities can cut down the time administrative staff spends searching through meeting files to locate important information.
In the end, going paperless will help boards comply with security requirements. The top online boards platforms have strong encryption, which informs directors who has access to the platform and ways to check user activity. These features prevent sensitive information from being accessed by individuals who are not authorized and help boards comply with the requirements of regulatory bodies such as GDPR and SOX.
