A Cosec’s guide to a futuristic boardroom

Company secretaries are akin to the backbone of the board, playing roles of the communicator, consolidator and compliance advisor. The list goes on and grows longer as the everchanging boardroom dynamics treads through the pandemic. Albeit the multi-faceted responsibilities of the company secretary, we have shortlisted a few main duties that secretaries need to have a full grasp of and how you can ease mundane duties for yourself and the board.

1. Reporting Duties

In Singapore, the need to adhere to compliance standards set by statutory boards such as ACRA and the Companies Act is a part and parcel of the secretarial life. They provide follow up compliance actions such as filings with ACRA if a decision concerns the statute. These compliance standards are everchanging and new updates are constantly introduced. With the need for greater transparency and more accurate reporting, the stressors places on company secretaries are only increasing.

Thankfully, technology can help! By having a platform that allows you to manage multiple entities through a single repository, you will be able to work across different boards and toggle between documents at your convenience. This means that you can have 24/7 access to documents anywhere and anytime. With all your essential documents at your fingertips on Board.Vison, this will ensure that adherence to compliance standards can be achieved in a hassle-free manner by allowing your documents to receive automated regulatory filings to SGX and ACRA. Unlike a one-size fit all approach by off-the-shelf boardroom tools, Board.Vision is made especially with the end-users in mind, tailored for Singaporean boardrooms. As such, you can focus on other tasks at hand and allow us to help you ensure that compliance is met swiftly and accurately.

2. Information Consolidation

Aside from meeting related responsibilities such as recording minutes, arranging meetings and board resolutions, secretaries are the facilitator for information shared across the board. They often need to manage multiple flows of information that requires a high attention to detail and great organisational skills are essential for the role. With a surge of documentation requirements during auditing periods, the consolidation of all important information gets trickier.

Imagine having all essential board meeting papers, minutes and resolutions readily available? With Board.Vision you can enjoy greater convenience and ease of mind by collaborating across the board of directors and administrators, all in one place. Access to documents can also done throughout the day and week, with authorisation easily attained through real-time, paperless solutions. Aside from documents, you may also arrange scheduled meetings amongst multiple stakeholders, who would have a quick overall view of their weekly schedule on Board.Vision, thereby reducing the difficulties in arranging meetings with a board with busy schedules.

3. Stakeholder Communication

From administrative tasks to managing relations, company secretaries also need to maintain ties with investors, senior management, auditors, lawyers, tax advisers, bankers, and shareholders. These multiple streams of communication require clear and concise relaying of information and proper relationship management. Constant back and forth relaying of information can result in inefficiency where emails and shared documents pile up in inboxes, added with an overload of information, sieving out important changes can be tough.

As such, having filings, board packs and meeting minutes are readily available online, you would be able to have more efficient and effective communication since directors would be able to have direct access to make annotations in real time, whenever and wherever they require. Secretaries will thus have a access to all changes made directly on the document and can make necessary changes swiftly without having to plough through loads of emails and messages through various communication channels.

4. Tech-readiness

The last and most potentially required competency is the need for deep knowledge of the business, industry and tech-related compliance standards. As the move towards digitalisation become more prominent, secretaries need to have in-depth understanding of the changing landscapes of the business and how it can interplay with the new technologies.

The pandemic has shed light on the importance of being future-ready and the need to incorporate technology into the way we work. With such extenuating circumstances forcing boardrooms to adopt a steep learning curve in the transition into digitalisation, new investments in boardroom technology can ease the way you communicate and work. Thereby maximising convenience for secretaries and directors alike. Having a secure and reliable platform can not only ease the transition into harnessing boardroom technology but also ensure that the change is comfortable for everyone, regardless of your levels of comfort with technology. At Board.Vision, we are attentive to your needs and provide physical authorisation of documents where directors who prefer tactile authorisation via wet ink can continue to do so. We simply ease the way you work by collating all audit logs and trails for approvals by digitalising tedious processes.

Ease the way you work with Board.Vision – come talk to us!

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