As we gear up for a recovery post-pandemic, Southeast Asia has relaxed its lockdown measures with many of us returning to the office. However, most of us are still working from home or practice staggered working hours to minimise contact. A recent Gartner survey revealed that 74% of CFOs are making telecommuting more permanent following COVID-19. The pandemic has forced organisations to digitalise and rely on remote work as the safest bet to tide through the crisis. As such, we can expect that #workfromhome will be here to stay (at least for a while).
Even though we’ve made drastic changes to digitalise our offices to recover the economy, Southeast Asia is not quite ready for the change. The Economist Intelligence Unit stated that SEA lacked the proper infrastructure needed for remote work. In boardrooms, directors require round the clock access to documents and scheduling to make decisions and the pandemic has only proven the importance of going digital.
With compliance to statutory laws and interconnectivity across borders getting trickier, boardroom collaboration has gotten even harder. A study by Deloitte has found that the costs and difficulty of statutory compliance has become a critical problem for commercial lawyers.
But here’s the catch – countries with stable corporate governance were able to see less volatile exchange rates than those who were weaker. Bringing the context back to business, swapping out the redundant costs of inaccurate auditing for durable solutions that fulfil transparency and regulatory requirements would bring about greater stability.
But having secure governance goes beyond eliminating the costs of improper practices. Good corporate governance enables your company to increase:
· Productivity – time spent on mending inaccuracies can be swapped out for other critical tasks
· Profitability – amendment costs can be channeled into investments to digitalise boardrooms
· Brand reputation – Environmental, Social and Governance (ESG) factors are what investors look to
The uncertainty of a second-wave of COVID-19 has made investors even more cautious and resulted in delisting on the stock exchange. One thing is for sure – what investors are looking for goes beyond financial reporting, but rather, secure and transparent governance.
Even though the pandemic has changed the way we work, this change might only become more prominent in the future when digital boards are needed to maintain organisational agility in a disruptive climate. A secure platform for 24/7 access to board materials, authorisation and compliance will be the better bet for the sustainable growth of your company.
Board.Vision aims to help directors and secretaries navigate through digital governance securely for 24/7 access, collaboration and statutory compliance. Take the first step to digitalise your boardroom and talk to us.