Boards have focused on a wider range of features since the outbreak of the pandemic
A large majority of respondents say that before the outbreak of the Covid-19 pandemic, the single-most important portal feature for conducting board meetings was agenda/boardbook building. Three quarters (76 percent) of small-cap company respondents say they were particularly focused on this tool, as do 83 percent of those at mid-caps and 81 percent at large caps.
By comparison, among mega-cap respondents just 67 percent point to it, while 17 percent cite communications for messaging and discussions. Among mid-cap and large-cap respondents, document storage and retention (9 percent and 13 percent, respectively) is the second-most commonly cited pre-pandemic feature.
Following agenda/boardbook building, small caps cite equal importance for document storage and retention, permission management, eSignatures and voting, all at 4 percent. No respondents at small-cap, mid-cap or large-cap companies cite customer support as the most important feature of their board portal pre-pandemic, and only 8 percent of those at mega-caps do so.
Things have clearly shifted since the outbreak of Covid-19 as boards have focused on a wider range of features in conducting meetings. Agenda/boardbook building continues to be most frequently cited as the single-most important feature but by fewer respondents: 50 percent of those at small-cap companies, 65 percent of those at mid-caps, 38 percent of those at large caps and 55 percent of those at mega-caps.
At 11 percent, voting is the second-most frequently cited single feature among small-cap respondents, followed by eSignatures, remote meeting capabilities and document storage and attention (8 percent each). Mid-cap respondents cite eSignatures as the second-most important single feature (13 percent) followed by voting and communications (9 percent each).
Remote meeting capabilities (25 percent) and document storage and retention (13 percent) are the second and third-most commonly named single features by large-cap respondents. At mega-caps, eSignatures (27 percent) are the second-most commonly cited single feature, while remote meeting capabilities and customer support (9 percent each) are joint third.
‘Paper is so yesterday’
‘Security, materials management’
‘Quick completion of board packages, no copying, quick distribution of materials, easy to add/replace documents during the meetings’
‘Extra time in preparing documents for sharing with directors. Not having to print or build hard-copy books. Not having to mail, including spending time to determine where to mail materials. Not having materials get lost on the way to the director. Ease for the directors to reference past materials’
‘Convenience and security. Everything is available to access securely online anytime’
‘Security and organization’
‘Secure communication’
‘The ability to deliver board materials quickly and securely and to make changes as needed. This was much more difficult with paper books’
‘Efficient meeting book preparation (ability to change in real time). Provide members with updated information in real time’
‘Secure site to store materials and messages’
‘Timely electronic board packets – no paper. Obtaining votes, easy access to policies and materials, including business continuity plan. Organization of materials and search capabilities’
‘Easier access to information’
‘Confidentiality, no paper, streamlining the release of materials, knowing everyone has the same information’
‘Digital process/avoiding paper’
‘Security. Our directors do not use company emails and this allows confidential information to be distributed in a secure way’
‘Material is available to directors much more quickly’
‘Central location for board records and distribution’
‘Ease of distribution of materials in a user-friendly format. Data security’
‘Time and cost savings to execute meetings from beginning to end’
‘Security of information; ease of distribution and editing after distribution; speed of distribution; managing unanimous consents; ecological impacts of not producing and mailing physical books’
‘Electronic distribution/director access to the board book and other governance documents’
‘Efficient, convenient, cost savings’
‘Privacy/data protection’
‘We have more than 30 boards and committees so it is imperative to have a platform that can handle all of the meetings and materials’
‘Flexibility to schedule meetings and access documents remotely’
‘Allows for time management’
