Virtual Board Meetings are an opportunity to participate in meetings using advanced technology and custom devices. It is a new but well-established practice in corporate governance. Many companies are increasingly embracing the power of technology to streamline the management process. Why virtual board meetings hold a place of honour among management practices, we suggest you find out in this article.
Advantages and disadvantages of virtual board meetings
Board meetings are an important part of managing a company. But in the hustle and bustle of day-to-day company business, it can be difficult to get all board members together at once. But they can be avoided through the use of video meetings. Their main advantages include:
- High attendance rates. With personal devices and video meeting platforms, the ability to get all the executives together is multiplied. You do not need to spend time gathering and travelling to the office – you can attend such a meeting from anywhere in the world.
- Create a more efficient management system. Video meetings do more than just bring all board members together. They also provide an opportunity to include people from outside the country, including those in senior management positions. This gives the company more hands-on experience in streamlining and improving its existing governance system.
- The opportunity to diversify management structures. Again, remote meeting platforms can help build the dream team with the experience and management skills of people from different parts of the world.
Nevertheless, when introducing the practice of virtual board meetings, one should not forget the risks. For example, the ability to ensure the security and confidentiality of such meetings remains the most sought-after issue. The online environment and its tools cannot always withstand interference from third parties. In addition, the technical side of conducting online meetings can be a serious obstacle.
What does it take for a virtual meeting to go perfectly?
If online management meetings are an integral part of your company’s operations, you can use the following tips to facilitate online meetings:
- choose a hedgehog corporate platform for virtual meetings so you can ensure that all board members have the same technical capabilities;
- incorporate online meetings into your current schedule and make them part of your corporate culture;
- provide advance notice of virtual meetings – preferably a week or a few days in advance, or even a few months in advance if it’s an annual report;
- always have a clear plan for the meeting – this way you can discuss any issues that require management input;
- have a clear timetable for virtual meetings so that you don’t disrupt the meeting plan;
- check the technical status of the devices and headsets used for video meetings, and conduct a communication check to make sure everything is in place.
Today’s market offers a host of video meeting solutions that more than just answer the question of what is a virtual board meeting. But remember, the purpose of a video meeting is to make the governance process more efficient and open to all participants.