Results of a Survey by Diligent & the Chartered Secretaries Institute of Singapore
SINGAPORE – 7 November, 2017 – 83% of respondents ranked security as an important benefit when adopting a board portal. This was revealed by a recent board portal market survey of 105 Singapore executives (of which more than half are “Corporate Secretaries”), which was jointly conducted by Diligent Corporation (“Diligent”) and the Chartered Secretaries Institute of Singapore (“CSIS”). Diligent Corporation is the leading provider of secure board collaboration solutions to over 4,700 organisations in more than 75 countries.
A board portal is software that allows board directors and corporate secretaries to securely access board documents in order to electronically collaborate and communicate with each other, as well as perform important tasks expected of a governing body. By adopting these digital solutions, companies can reduce costs, secure sensitive data, and improve governance.
The information shared among board directors is often highly sensitive and confidential in nature; however, 75% of the respondents choose to distribute board materials via email, rather than a board portal. More than 90% surveyed also used email to communicate about board business at least some of the time. While a convenient way to distribute information, email remains a popular attack vector for criminals and creates risks for boards that choose to communicate this way.
Additionally, half of respondents said “100% of our board receives printed paper materials at some point” and only 25% surveyed identified themselves as truly “paperless.” Overall, 75% of those surveyed said that a “simpler distribution process” is “very important.” Paper board packs present a myriad of challenges, including the time and expense needed to print and ship these materials. In addition, paper board packs represent information that is static. When last-minute updates are required, the paper board pack must be revised and reprinted.
Mr Brian Stafford, CEO of Diligent, said: “As the survey findings show, security is rightfully top of mind for companies when it comes to board communication. Using a board portal, like Diligent, can provide superior security and controls to email, while still through a simple, easy to use platform.”
Ms Grace Tan, Chief Executive of CSIS said, “In this digital age, a simple and secure way of distributing board papers using board portal technology is of great importance for effective communication. Board members and corporate secretaries will have no hesitation in adopting this technology once they know that the information sent to them is secure and easy to use.”
Board portal technology is enabling many organisations to communicate and collaborate efficiently, effectively and securely. The findings of this survey show common trends among corporate secretaries and executives surveyed in Asia. Globally, many organisations also share these same concerns and considerations when adopting a board portal solution.
The full white paper may be viewed at: www.diligent.com/en-gb/board-portal-adoption-trends-singapore
About Diligent Corporation
Diligent is the leading provider of secure corporate governance and collaboration solutions for boards and senior executives. Over 4,700 clients in more than 75 countries and on all seven continents rely on Diligent to provide secure, intuitive access to their most time-sensitive and confidential information, ultimately helping them make better decisions. The Diligent Boards (formerly Diligent Boardbooks) solution speeds and simplifies how board materials are produced, delivered and collaborated via any device, removing the security concerns of doing this by courier, email and file sharing. Visit www.diligent.com or follow us on Twitter @diligentHQ to learn more.
Chartered Secretaries Institute of Singapore (CSIS) is a non-profit professional institute registered with the Registry of Societies. We promote effective governance and administration of organisations in the corporate and not-for-profit sectors. As such, we set the professional standards for Singapore Chartered Secretaries and governance professionals. We provide training and are ensure that our members observe our code for ethics and professional conduct. CSIS advocates timely compliance and good governance in the corporate and not-for-profit sectors. It strongly advocates good practices and thought leadership through guidance and education to create awareness high standards of governance in the above mentioned sectors. Its membership comprised principally of chartered secretaries; and interest groups namely company secretaries, governance professionals and business executives in governance, ethics and compliance functions at public, private and not-for-profit organisations. Members are responsible for supporting their board of directors and executive management in matters such as board practices, compliance, regulation and legal matters, shareholder relations and subsidiary management. CSIS is an authoritative voice on matters affecting the status and conduct of its membership. CSIS seeks to be a positive force for responsible corporate governance, providing news, research and “best practice” advice and providing professional development and education through seminars and conferences. This commitment to disseminate knowledge ensures that members receiving continual flow of up-do-date information as part of a career long professional development process.
For more information, please contact:
Mileage Communications Pte Ltd
Patsy Phay / Bryan Koh
Tel: +65 6222-1678