The world is gradually shifting away from traditional board operations and toward fully digitalized and modern board operations. According to a study published in the Harvard Business Review, virtual board meetings increased from 5% to 95% during and after the pandemic.
In today’s increasingly digital and complex corporate environment, the role of board of directors are constantly changing and evolving. The board of directors is extremely crucial to the organization’s ability to adapt to changing strategic environments. How organizations deal with the impact of digitalization may determine whether or not they will be competitive in the future.
What is modern governance?
Modern governance is the practice of empowering leaders with the technology, insights and processes required to fuel good governance. PricewaterhouseCoopers (PwC) describes an efficient corporate governance framework as one that offers:
- An oversight of the company’s performance and the contribution to corporate success from the Board of Directors in the context of the company’s strategic goals and objectives.
- The relationship of the Board with the President or Chief Executive Officer.
- Appointment and performance of the Directors.
- Board membership, conduct, operations and performance.
- The ethical tone for the organization and the transparency of its conduct.
- An effective oversight of risk management, corporate compliance and the integrated framework of internal controls.
- Communication, reporting and information flows between the Board and management.
- Communication with and protecting the rights and interests of shareholders and all other stakeholders.
- Division of responsibility between the Board and management.
- Reliability of financial reporting, both internal and external.
The BodAdmin’s Corporate Governance portal checks all the boxes.
How technology can impact good corporate governance in Nigeria.
Digitalization of the board room is inevitable, corporations can no longer continue to avoid embracing modern governance practices. Like Good corporate governance, digitalization is a journey not an end.
Companies that refuse to adopt modern governance processes prevent themselves from being able to grow and change, allowing the competition to gain an advantage. Modern governance assists organizations in remaining dexterous, efficient, and adaptable, which is essential in today’s age of evolution and disruption. A focus on digital governance will also help in standardizing and enhancing social development.
In Nigeria, corporate organizations are currently highly centralized, with internal and external structures and policies that frequently slow decision-making processes and create inefficiencies. BodAdmin aims to address this issue by combining their expertise in governance building and technology in providing efficient solutions for corporate governance in Nigeria.
Reach out to us via service@bodadmin.com or +23490874822333 today. We will get you started in a bit.
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