Boards and ESG: How to Leverage the Best Board Management Software for ESG Governance

In the era of digitalization, boards and companies have been influenced to adopt technologies that can help accomplish their tasks efficiently. The top tier of their list includes board management software. With its advanced capabilities, such as video conferencing and meeting pack preparation tools, it can ensure effective meetings and enhanced collaboration for your directors. Additionally, the best board management software provides tools for responsible decision-making — ensuing in better corporate governance.

But the wonders of board management software are not limited to business and finance. It branches out to the environmental, social, and governance (ESG) aspect of the company. With the increasing regulations surrounding sustainability, boards are now compelled to kickstart sustainable efforts and report on their ESG performance. If you are just starting to roll out ESG initiatives or evaluating your ESG strategies, board management software can be a big help.

Understanding the Impact of Board Management Software on Your ESG Strategies

Serving as one of the primary drivers of stakeholder relationships and investor attractiveness, ESG has now become a topper in the boards’ priorities. Mainly, the boards are responsible for ensuring that sustainability and ESG matters are integrated across the purpose and corporate strategy, including risk management and annual reports. Stated below are some of the involvement of boards in the company’s ESG journey.

• Understand and align the sustainability and ESG strategies across the organization’s operations.
• Identify and monitor the targets and metrics, together with the senior management.
• Manage sustainability reporting — the quality of data, compliance with standards, and narrative — to align with the financial report.

Using board management software can benefit the boards in managing efficiency and governance when proceeding with ESG, sustainability, and diversity initiatives. Here are some of the top impact of board management software on the company’s ESG journey.

Better oversight structure

Enforcing ESG and sustainability initiatives need the most appropriate board structure to implement all efforts properly. Technology such as board management software can help establish the overall direction supported with sustainability aspects in your board. It provides communication tools within and beyond board meetings to easily invite participants, schedule meetings, and collaborate on objectives and plans.

And as ESG can be broad, responsibilities may split or trickle down to several committees. Board management software can allow communication with external committees, such as risk management, audit, remuneration, and investment committees.

Governed discussions and decisions

Just like any other corporate strategy for the company’s success, formulating ESG strategies would require several discussions in order to come up with a decision. Positive ESG outcomes are bred by the operations of cross-functional committees. Thus, effective communication can break down silos that may put risk to your company’s ESG journey.

Using board software can put your discussion and decision workflows to the next level by providing a single platform for all communication. What such technology provides are online collaboration tools during meetings and even on documents, so every member can have a voice, offer feedback, and take part in voting matters.

In addition, board management software ensures the security of each ESG discussion or decision. With its advanced security features, only authorized members can access ESG files and deliberations.

Improved corporate and ESG governance

Whatever processes you have to boost corporate governance can be adopted to enhance ESG governance. A board portal can help by delivering online tools to promote transparency, accountability, and compliance in your board workflows.

Pursuing governance means having an intricate process on the information flow to ensure access, accuracy, and completeness. Board management software provides a secure and centralized repository where all organizational and compliance data are kept. Audit trails and reports are also introduced to review and investigate actions and decisions made to trace and account for specific people.

Best Practices in Using Board Management Software for Maximum ESG Impact

Availing of the best board management software for your company is not enough if you don’t know how to maximize its capabilities, both for your corporate operations and ESG implementation. Below are the best practices to ensure that you can make the most out of your investment.

Structure productive ESG board meetings

To come up with strategies and action plans in line with your ESG goals, your board members must be able to hold discussions for such. Board management software is an all-in-one platform that can organize ESG board meetings in just a few clicks. You won’t have to start from scratch in the meeting preparation.

With easy-to-use features, you can conveniently set up all the agenda items and even attach documents in your meeting pack in just a single screen. Additionally, board software, like Convene, allows the designation of presenters and time allocation for each agenda item. This would ensure that all agenda items would be covered and be deliberated on — no wasted time dwelling on just one discussion.

Tip: For ESG planning meetings, better to include a Q&A segment or deliberations in the agenda for enhanced participation.

Once meeting invites and agenda packs are circulated, board directors must be given ample time to review the agenda. Using board management software can help your directors easily access the meeting pack and give feedback using annotation tools. Doing such can already prepare the members for the concerns they have to raise and the discussion points.

Establish efficient workflows for planning and decisions

As regulations and objectives around ESG continue to grow, your board must accelerate in coming up with action plans. Meeting and decision workflows must be expedited without compromising effectiveness.

With communication features designed to enhance meetings and beyond, you can conduct ESG discussions as productively as possible using board management software. When holding meetings for the external distribution of ESG reports, it is important that all involved members can participate. Convene offers live meeting and presentation tools, such as video conferencing, which allow better collaboration.

Moreover, discussions and decisions can still be made outside meetings — thus this still needs an automated workflow. Convene can help through the Review Rooms, where relevant participants can collaborate and make decisions on documents. Any approval and sign-offs on the implementation of initiatives can be done through this tool.

Secure records of meetings and documents

Documentation is crucial in keeping track of the discussions and decisions on the corporate and ESG matters of your company. Where confidential data is involved, security should be your utmost priority. Using your board management software is one best way to secure your meeting records and documents.

Convene takes pride in its centralized document repository where all your ESG plans are secured, with role-based access and multi-factor authentication. Documents, discussions, and decisions are stored and can be accessed in real-time.

BONUS: Pair your board management software with ESG reporting software

Before implementing a well-thought ESG action plan, it is important that all bases have been touched upon — including your ESG performance benchmark. ESG reporting software, together with board management software, can help you better create plans for your sustainability journey.

With the reporting tool, you would be able to evaluate your ESG performance through digitalized data collection and visualization. Insights from your data can then be points for meetings and decisions. What’s more, you can use board management software to circulate sustainability reports for review within your board and sustainability committee. This then can create better workflows in assessing your current ESG strategies.

Unlock the Potential of Your ESG Governance with Board Management Software

Maximizing your investment in the best board management software should not only be limited to your corporate duties. You can enhance your ESG governance using the same tool. From discussions in meetings to creating decisions for ESG matters, Convene guarantees efficiency and accountability in all your workflows.

Ready to boost your corporate and ESG governance? Contact us today for a free trial and see how Convene can impress you and your stakeholders.