So much of corporate governance depends on being forward-thinking and planning for future organizational needs — succession planning, recruiting, strategic planning, anticipating governance trends, risk management and keeping up with technological advancements. The primary activity for board directors is strategizing for the future. That’s a task that requires focusing on sustainability and growth, managing risks and being on the lookout for opportunities.
Modern Governance: Solving Future Problems Now
Today’s board directors need to get and stay ahead of the curve by making use of the right technology, the right analytics, the right security and the right insights, and addressing the governance deficit.
- Implementing the Right Technology
How can you tell if you have the right technology? You’ll always have the right technology at your disposal when you go with an industry leader and digital innovator like Diligent Corporation.
One of Diligent Corporation’s first product offerings was Diligent Boards, a board portal software product that streamlines board meeting preparation. The agenda tool automates much of the board meeting processes and provides updates to all board meeting materials in real time. Board directors can log in and access board meeting materials as soon as they’re available and share them with other board directors with or without markups. Convenience is highly important to board directors, and Diligent Boards gives them the ability to access board materials anywhere, anytime, using any electronic device, online or offline.
Diligent Boards integrates fully with an entire suite of governance software solutions called Governance Cloud. Governance Cloud is an ecosystem of software tools like voting and resolutions, Messenger, D&O questionnaires, board self-evaluations, entity management, board succession planning, governance analytics and Minutes.
- Having Access to the Right Analytics
Boards need access to the right analytics to address the future needs of their companies. CGLytics brings the broadest and deepest governance dataset right to their electronic devices as soon as it’s available. This program has powerful analytics and peer comparison tools for the most effective oversight of corporate risks.
With CGlytics, boards can get the latest information on compensation data across the globe and Glass Lewis’s recommendations for proxy voting. This tool lets boards locate over 100,000 C-suite-level executives and read their biographies to assist in recruiting and succession planning. With filter options for experience, demographics, region, sector and discipline, due diligence is just a few keystrokes away.
Boards can use the relationship mapping tool to reveal relationships and discover ways to make connections with other executives and business leaders. This tool gives business leaders the ability to get daily or weekly alerts to notify them of notable executive changes and corporate appointments.
Having fast access to the latest data is the best way to deal with increased shareholder activism and changes in corporate governance practices, enabling board directors to attain and maintain a competitive advantage.
- Using Digital Tools That Have the Right Security
Cybersecurity is a major corporate issue. It’s one that many companies haven’t yet figured out how to deal with confidently. Once again, Diligent Corporation brought the most secure tools to the market for highly secure communications, collaboration, file-sharing and workflow.
Diligent software is backed by the world’s leading security standards and has secure data centers within range of the company’s region or country. All Diligent’s software solutions are ISO- and TRUSTe-certified and internationally audited. Clients can count on robust, customizable encryption and data access. There’s no worry about lost or stolen mobile phones, electronic tablets or laptops. The remote-wiping capability takes care of erasing all data on any electronic device that gets lost or compromised.
Personal and business email accounts are not secure enough for sensitive, confidential board business. With Diligent Messenger, boards can be sure that their communications are secure from start to finish. Documents and files are secure while in storage and are protected with strong encryption controls. Automation features streamline and protect workflow. The entire platform is highly secure so there are no worries about leaks and breaches.
- Reviewing the Right Insights for the Latest News in Corporate Governance
It would be great if there were enough time in the day for busy board directors to hone in on the exact news and articles that they desire to help them identify market trends and follow all the latest industry news without having to sort through web news, subscription news and other proprietary data. With Diligent’s Governance Intel software, board directors and executives can easily monitor and catalog news outlets so they can track companies, competitors, topics and industries in the shortest amount of time.
With Governance Intel, users can consolidate and share competitor insights for use with strategic planning. Create custom reports by tailoring sources, volume, frequency and modes of consumption according to each user’s needs. Users can access over 70,000 authoritative open-web business news sources with this unique and powerful digital tool.
- Addressing the Governance Deficit
A company having a governance deficit means that it lacks the security, foresight and accountability to deal with the onslaught of contemporary challenges that hit the corporate scene daily. Activist investors, cyber risk, increased regulations, diversity and global uncertainty are major issues of the day.
Take a look at new insights from Diligent Institute, which states that governance deficits across over 12 public companies have cost shareholders more than $490 billion in value in the year following the financial crisis. At the same time, good governance has equipped companies to surpass their peers by 15%.
Even the best of today’s leaders lack the right information at the right time to ask the right questions. They need visibility into the company, across the industry and into the future. Advances in technology have brought boards new tools with which to communicate, collaborate and share sensitive data securely, but too few boards have discovered Diligent Boards, Governance Cloud and CGlytics to quickly access the data they need in the exact moment they need it. This is what we call the governance deficit, and it separates the front-runners from the back of the pack.
Meeting Governance Challenges Head On
Having access to the right technology inside and outside of the boardroom empowers boards with the necessary framework to tackle governance challenges straightforwardly. Boards should get Diligent Corporation software solutions to improve governance by having the right information, analytics and insights to quickly move on opportunities and turn insights into action.