Why Is a Virtual Board Meeting Software Useful for Business?

The issues of ensuring the virtual board meetings software in the conditions of the chaotic emergence of internal and external threats determine the possibility of achieving sustainable development and increasing the level of competitiveness, including through the rational use of an  intellectual property.

Virtual Board Meetings as an Integral Part of Your Business

The pandemic has pushed companies from all industries to move to new digital solutions. Much has been written about how the shift to telecommuting has impacted employees, managers, and directors, but there is another important group that has had to quickly restructure their work – the boards of directors. How much has the pandemic’s rapid digitalization affected boards of directors? And will these changes continue after the pandemic in the face of the future “new normal”?

Yet now that boards of directors are beginning to ponder the new reality after the pandemic, they need to look at trends that appear both in quantitative data and in qualitative responses to our research questions. We found three main challenges that boards of directors face in adapting to the new digital world. Our research shows that there is a strong incentive for boards of directors to use digital tools more actively in their work, but there is still a lot of room for improvement.

The board portal has the next advantages for virtual board meetings:

  • determination of the composition of key managers (list of positions) to which the remuneration policy applies. This policy should regulate all forms of remuneration and other material benefits, including compensation for expenses, benefits, pension contributions, insurance premiums, and others.
  • payments provided to members of the executive bodies and other key managers of the company, as well as to members of their families, both by the company itself and by its controlled legal entities.
  • the remuneration policy should also include criteria for assessing the performance (key performance indicators) of members of executive bodies and other key managers of the company, objective mechanisms for determining the amount of contingent remuneration in the context of achieving collective and individual indicators.

The Effectiveness of Virtual Board Meetings for Your Business

The board portal security of an enterprise cannot be considered in isolation from the environment. The decisive role in ensuring the economic security of an enterprise is played by the state, which, first of all, must guarantee the protection of property. The state considers the enterprise as a single property complex and stands for the protection of its integrity. The next aspect of the state’s activity is the creation of conditions for the successful implementation of its activities by the enterprise:

  • Boards experiment with formats and platforms to increase transparency. Some have created a checklist or internal dashboard to update information that touches on key areas such as employee welfare, technology, capital, investment, regulatory issues, risks.
  • At one company, management uploads an updated internal dashboard to the board portal every Friday, allowing it to keep the board up to date with no additional management work.

In particular, in the field of board meeting software, there is an increase in the number of cryptocurrencies that provide an increased degree of anonymity, “mixers”, “blenders”, decentralized platforms and exchanges, and other types of products and services that provide or allow to reduce transparency and mask financial flows. There has also been an emergence of other business models or activities related to virtual assets, such as “initial coin offering”.