Diligent Is A Safe Bet For Ladbrokes
Ladbrokes plc is a leader in the global betting and gaming market. It is a FTSE 250 company, with annual Group revenues of over £1 billion. In the UK, it has more than 2,200 shops, as well as a strong online presence. It employs 15,000 people across the world.
Ladbrokes Legal and Secretariat provides papers and services over 30 meetings a year. In addition to the main board, this includes an executive committee, audit committee, nominations committee, remuneration committee and a social responsibility committee.
Like many organisations, Ladbrokes faced several challenges when producing board papers ahead of meetings, including improving security and the desire to reduce paper and become more digitally-enabled. But its main reason for looking at a digital board portal was to come up with a system that was more efficient and cost-effective than relying on paper.
Before using the Diligent Boards™ solution, Ladbrokes created a digital version of its board papers using a third-party solution, but still relied on paper printing and physical distribution via courier as the directors did not find the user-interface easy to use. This was both time consuming and expensive and the company was using tens of thousands of sheets of paper each year.
Adrian Bushnell, Ladbrokes’ Company Secretary said: “Ladbrokes needed a more economical solution that at least matched the existing cost of producing and distributing packs. Following an assessment of our costs of paper and print (based on the number and nature of board packs typically produced) together with the cost of couriers to circulate the packs to the directors, a move to a new digital platform would generate costs savings.”
Ladbrokes implemented Diligent Boards in October 2013. Bushnell said: “Diligent Boards was a stand-out choice. From our cost calculations, we knew that it would save us money when it came to producing and circulating the board materials, which was a requirement of our Finance Director.”
There were other features that appealed to Ladbrokes too. As well as distributing materials ahead of meetings, Ladbrokes uses the Diligent Boards Resource Centre on the app to share useful information – such as industry analyst notes and competitor information – for board and committee members’ in-between meetings.
Using Diligent Boards has saved money for Ladbrokes when compared to the production and distribution of paper packs. There has been a significant saving in time, too. Bushnell said: “We expected Diligent to save us time but weren’t prepared for how significant the time saving turned out to be. Previously it could take a PA as much as two full days to produce, collate and distribute papers for each meeting. This has been reduced to just an hour or two. That equates to a saving of around a month each year.”
There were added benefits, as Bushnell explained: “We’re now able to get the papers out for review a day sooner. This means that directors have more time to review the materials which in turn improves the quality of debate in the meetings. And, of course, we’ve saved tens of thousands of sheets of paper.”
December 2, 2019
Liberty Mutual strives to make governance a competitive advantage with Diligent
Founded in 1912, Liberty Mutual Insurance is the fifth largest global property and casualty insurer today, operating in 30 countries and ranking 75th on the Fortune 100 list of largest US corporations. The company’s purpose is to help people embrace today and confidently pursue tomorrow and provides customers protection for the unexpected, delivered with care.
November 7, 2017
Banking on Solid Loan Decisions: FirstBank and Diligent
FirstBank offers innovative banking products as well as consumer and commercial lending to customers in 115 locations throughout Colorado, Arizona and California. The company has more than $14 billion in assets and continues to grow after 50 years of operations. FirstBank has expanded its focus on lending to also promote the growth of the…
August 1, 2017
Diligent Boards brings Rio Tinto Staff Superannuation Fund into the digital age
The Rio Tinto Staff Superannuation Fund is managed by a separate Trustee company (Rio Tinto Staff Fund Pty Ltd) with a Board of Directors. This board invests members’ money prudently while striving to maximise investment returns, maintain legislative and industry compliance, and provide ‘member-focussed’ services and assistance. Rio Tinto Staff…