Boardroom Technology: Is Your Board Keeping Pace?

Episode Summary

As with all facets of business, technology is enabling today’s board members and corporate secretaries to perform their duties more efficiently. In this episode, Brian Stafford, President and CEO of Diligent Corporation, joins Host TK Kerstetter to discuss the current state of boardroom technology around the world. How are the most effective directors and corporate secretaries leveraging technology in today’s boardrooms–and what does the future hold?

“The job of a board member is pretty difficult,” said Stafford. “You’re not a full-time employee, but you’re expected to be…on top of all the information, data, and performance of a company–the culture of a company.”

Stafford outlines the various software features that today’s boards are utilizing, including electronic signatures and approvals, dynamic minute-taking tools, board evaluations and D&O questionnaires, and secure messaging. Board management software, he explains, is quickly evolving from the delivery of static board materials to supporting the workflows and processes that today’s boards actually use.

“What you’ll see over time,” said Stafford, “is more dynamic analytics within the application for board members.”

Despite the obvious enhancements to board efficiency, however, the most compelling argument for board technology solutions is information security. Too often, board members fail to associate their own communication practices with the company’s cybersecurity posture.

…many board members are [using] free email providers like Gmail and Yahoo that we know have been hacked recently…Board members, as a check [on management], are accountable for the cybersecurity or cyber risk of the company. It requires a little bit of practicing what you preach to make sure that you, as a board member, use the most secure communication and collaboration methods for communicating with your board.
— Brian Stafford, President & CEO, Diligent

Don’t miss additional insights in our Board Oversight Series: “Common Mistakes in Board Communication

Secure Communications: How Does Your Board Stack Up?

Diligent and New York Stock Exchange Research

In this joint research project, the New York Stock Exchange and Diligent surveyed nearly 400 directors to understand how they communicate with other members of the board. Which practices are the most common? Which ones pose the greatest risk?

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