Even as information security continues to be a significant concern, the use of online portals for hosting board materials and other company information is growing. Just two years ago, only 9 per cent of directors we surveyed said they used an online portal. Last year that number jumped to 35 per cent – and today it’s at 50 per cent, and climbing.
It’s clear that technology is moving rapidly into boardrooms, helping to improve the board’s efficiency, directors’ connectivity to timely company and board information, and more. What isn’t so clear, however, is how board portals and IT devices are being used, and how effectively directors are adapting to entirely new ways of accessing their information.
Results from our May 2011 survey of 358 general counsel, corporate secretaries, senior management and directors, conducted jointly by KPMG’s Audit Committee Institute and Corporate Secretary, offer a timely snapshot of the movement toward board portals, including how common they are, how they’re being used, how often they’re updated, and concerns about security. These findings may be instructive for companies and boards that are considering using – or are currently adapting to – these new technologies in the boardroom.