Corporate governance consists of several parts where the work of the Board and the Board of Directors is a central part. They set goals for the company, usually with a time horizon of 2-5 years. In order to achieve the goals and work effectively against them, systems and routines are set up. According to Pär Haga, CEO of the cloud service Boardeaser, several parts are important for corporate governance to work well.

“Well-functioning board work is one part,” he says. Then it is also important to ensure that the board and management receive good reporting that provides insight into how the business is going, but also that they follow the plan and budget that exists. Other parts important parts are, for example, that you have order on important company documents and agreements, that you have a correct and accessible share register, communication with owners, etcetera.

Cohesive system to facilitate

Boardeaser was started as a platform for professional corporate governance. Pär says that the goal is to simplify everyday life for management and boards and that they have a holistic perspective. Otherwise, it is common to use many different systems for many different functions, something that is both time-consuming and in some cases complicated.

When to look at a digital support?

” I would say as soon as the company starts to get a little bigger or if there are several owners in the company. Then it also depends on what your ambitions are with the company. If you aim for growth, to raise capital or if you want to sell the company at some point, it makes it much easier to have good system support for corporate governance, says Pär.

He continues:

“Then you notice even if these issues start to take a lot of time – then there are reasons to streamline. A good advice is to set a good structure for this early in the company, it facilitates a lot and provides better conditions for growth.

From analogue to digital – keep this in mind

For those who are thinking of switching to a digital tool or a tool for collecting board and management work, there are a variety of tools. Finding a system that gathers as many functions as possible is one of the pieces of advice that Pär gives.

– I think more and more people realize that you can save a lot of time through digitization, it then becomes natural to look at what systems are on the market, says Pär. The most important thing is that the system should save time and provide support and structure for your work, says Pär. There are a plethora of different systems that solve specific problems, however, it can quickly become time-consuming to keep track of many systems and share materials and information between these systems. A big win is the more functions you can collect in a system, it saves both time and gives a better overview.

Pär believes that it always means a threshold to change routines for how you work and therefore it is important that everyone in the group agrees that you should go over. To succeed with a transition, good support and onboarding are required, among other things.

“Then it’s good to make the change in full, so you don’t get stuck in parallel flows,” says Pär. There will be a little extra work in the beginning but great time saving once you get into it.

Author:
Emelie Andir, emelie@saleseffect.se