We are a FTSE 100 company giving consideration to moving away from paper board packs and using electronic board papers software instead.
We’d like to hear the experiences of other companies who have made the transition, and in particular responses to the following:
1. What have been the most notable benefits of moving to electronic board packs?
2. What have been the main drawbacks?
3. How has the software been received by your directors – have there been any issues in terms of ease of use etc?
4. Were there any surprises on the way? For example, hidden costs, things you wish you’d known before making the move.
5. Which software do you use, and would you recommend it?
Many thanks for your help.
FTSE SMALL CAP said
We moved to electronic board packs around a year ago but still have to maintain a system of supplying hard copy packs in parallel. This is due to the fact that not all of our directors are comfortable just yet with the use of soft copy papers, despite the obvious advantages (which you have seen listed below and with I would wholeheartedly concur). Other than that resistance, we haven’t experienced any disadvantages – our contributors thankfully do adhere to deadlines so we have few issues with final versions.
We chose the ICSA’s Boardpad package due to cost and familiarity from previous experience. With regard to support and the software, the ICSA have been excellent, and those of our directors who have undergone the training have provided good feedback. Boardpad is extremely user-friendly and the ICSA also seems to listen to client feedback whenever there are technical areas which could be improved upon.
I believe electronic board packs are the way forward, particularly in larger and/or more global companies. Just be prepared for potential resistance from some quarters.
FTSE SMALL CAP said
Moved to BoardPad from ICSA about a year ago and (as with most other comments) would not now go back to hard copies (or emailing pdfs of hard copies) and the cost has been justified.
No problems with support or with the software.
Electronic board packs are increasingly the norm (and indeed an expectation from NEDs) and you may want to check which systems NEDs are familiar with, as ours didn’t need “training” on BoardPad as they used it already. So, yes, it was well received.
No great surprises along the way – it’s a well established package and they are pretty good at implementing it.
One observation though – I do wonder whether the use of electronic board packs actually subtly changes the “feel” of board meetings and the decision making process – directors are staring at screens and scrolling around the documents (and sometimes wrestling with the technology!). Is there therefore less meaningful “engagement” between the board members? And having iPads open in front of them makes it easier to be distracted by other things on the iPad. Also, does “hard copy” somehow have more permanence (and hence “gravitas”) than info on a screen, so more care goes into it, and into avoiding prolixity?. But overall, a positive move and wouldn’t move back to hard copy
FTSE SMALL CAP said
1. Security of delivery (no couriers to overseas destinations). Earlier delivery, we haven’t suffered from late amendments (get the chairman onside and embarrass late submitters.amenders). Shorter more focussed papers.
2. None (we are not so precious to get overly concerned on security).
3. Software well received. Some still prefer to print off the document, but that’s their choice. Ease of use good in meetings.
4. No.
5. BoardVantage, works for us.
FTSE250 said
Somewhat differently to the earlier comments, we continue to operate with printed board packs but can provide the board papers through the use of pdf files if anyone wishes to receive the pack electronically. We do not see the benefits justifying the cost of the software currently available and have no pressure from directors to find an electronic solution.
said
1. time and cost savings, huge increase in flexibility, ease of use in meetings and ensuring everyone is on the same page (literally, when there are large packs!)
2. I would echo an earlier comment re the need to maintain discipline on deadlines for final versions
3. the directors have loved the software from day one – we invested time in presentations on usage prior to intro and then followed up with one to one remote sessions between the provider and each director.
4. the seamless attention from the provider has surpassed my expectations, both on introduction and on the few occasions when we have encountered problems since then (we have used now for 2 years) – they have a 24/7 worldwide support service at the end of the phone.
5 Diligent Boardbooks – and I would definitely recommend it
FTSE250 said
We use a package called BoardWorks from Computershare. It has been updated this year and we are finally getting some reasonable feedback from our Board.
Benefits: as expected – less time preparing packs, saved postage/courier costs, shorter lead times/ flexibility on deadlines for papers, access from anywhere at any time assuming wireless available, so no portability issues. Also, because we use for main and subsidiary boards/committees, only need to load once, just adjust names of those who can access as required. Company Secretarial department love it and would not go back to paper packs;
Drawbacks – the usual – anything dependent on technology has a tendency to fail to perform for no obvious reason every now and then.The helpdesk is NOT available 24/7 on all occasions, and the in-house IT team may not be any more informed than you are when encountering a problem.
Board reaction: initially poor from those who had access to other more high spec systems, certainly worth checking what they might be using elsewhere. With hindsight, should have involved Board (or at least Chairman)in making the choice, as cost effectiveness is not always the priority and would have been useful to have an NED champion.
Also, Board were neither as tech-savvy as hoped, nor were they prepared to invest their own time in (what was admittedly deadly dull) training. Would have been better to arrange for on-site training around a board meeting (rather than letting members do it online in own time).
Surprises: that the system may not work on all tablets in the same way: easier if everyone is on the same hardware. One of our Board still asks for his papers to be emailed as PDFs as he does not use an iPad.
Would I recommend: Previous version of Boardworks (4) was a Robin Reliant and a pretty poor experience, but Computershare have worked hard and the new version (5) feels like a decent Mondeo, at very reasonable rates, with proactive support and client management from Computershare. For those who have not had experience of other fancier systems, happy to recommend.
The caveat is that if the board members are using a BMW version elsewhere, they will find it hard to adjust!
FTSE100 said
We moved to electronic packs 3 years ago and have not looked back since.
The benefits have been considerable in terms of time saved by team memebers printing documents, the ability to amend documents after they have been “despatched” and the ability to remotely add or amend documents and deliver them when the Board is off site.
The main drawback has been the flexibility of the stystem has led to less timely delivery of papers by contributors – knowing that papers can be uploaded in moments and do not require printing and delivery. There is also a tendancy by authors to amend papers late in the day, again knowing that packs can be updated remotely. Keeping the same controls on paper submission delivery timing should resolve this problem!
Most our directors were supportive. We were one of the first to move across to electronic pack, but nearly all our directors are using such packs at their other boards.
No surprises or hidden costs for us.
We use Diligent Boardbooks, and would wholeheartedly reccomend it.