More and more companies prefer to cooperate online. While board meetings used to be held in stuffy rooms, technology now allows companies to host virtual board meetings with the help of the board portal. It is especially useful for remote or distributed teams that may not always work in the same room.
Board portal for efficient board meetings
The use of digital technologies in corporate governance and the structuring of electronic information increases the corporation’s efficiency, optimizes business processes, and promotes efficient and efficient interaction of corporation members among themselves and third parties. In addition, video conferencing technology in corporate governance is a relevant and promising way of interaction between corporation members.
Most video conferencing software addresses a basic problem: how can users quickly and easily connect to a network to meet, share information, and collaborate? After that, platforms can provide a wide range of capabilities, but they all build on the same core functionality. Using video conferencing software, users can expect to be able to schedule or start video conferences quickly, invite users, send out calendar invitations, and then manage online meetings in real-time. Therefore, board software is a leading solution among collegial bodies for organizing efficient online board meetings.
The board portal is a digital platform based on blockchain technology that offers helpful tools for virtual collaboration, secure file-sharing, and a data repository for the boards of directors. This management system is a perfect solution for safe and productive board collaboration. When using it, all members work in the same environment, can exchange confidential information, set tasks, execute and control them, and plan and monitor results. In addition, the software allows Chairman to observe the overall picture of what is happening in the organization in real-time.
Board portal development automates the organization of meetings and the processing of their results. In particular, the solution will ensure the storage of minutes and the assignment of tasks following the results of the meetings. Furthermore, the system is integrated into an e-mail and allows the boards and secretaries to monitor the implementation of protocols and instructions online. All this will reduce employees’ time organizing meetings and the possibility of information loss.
Voting in the board software
Blockchain technology is an accessible distributed database that records information about all transactions made by system participants. The main purpose of introducing blockchain technology into the voting process is to solve the problem of the involvement of board members in managing it, as well as to reduce the costs associated with holding the board meeting. Unlike the traditional voting form, voting in the board software does not require the personal participation of shareholders and board members in the meeting. Instead, they can take part in it remotely by using their accounts on the Internet.
The voting process on the board portal is running as follows:
- the formation of the agenda of the board meeting;
- uploading issues included in the agenda of the meeting to the blockchain;
- notification of board members about the date and time of voting;
- issuance of tokens (“voice coins”) by the number of shares in the corporation and distribution in the relevant parts among shareholders by crediting to an electronic wallet;
- voting – the direction by the shareholders of the tokens distributed by them to other electronic wallets, denoting respectively “for,” “against,” “abstained”;
- summing up the voting results.
Blockchain technology in electronic voting will improve corporate governance mechanisms by creating an effective, trustworthy, immutable, and verifiable voting system that ensures transparency and increases interaction with shareholders and board members.