Corporate Governance and Corporate Legal Management in One Solution
Over the past year, Canadian companies have adjusted to the “new normal” through remote work and resilience. Some of Canada’s top Chief Executive Officers initially expressed reservations about remote work. However, they changed their attitudes as they saw productivity increase or remain at the same levels as pre-COVID. The main challenge is to further digitize the board and the corporate legal department to meet the needs of a permanent distributed workforce and Board of Directors.
Solutions that speak specifically to the corporate legal department and board’s needs are usually separate, and there is not a lot of selection for either on the market – especially in Canada. DiliTrust has designed its DiliTrust Governance suite, which combines our legal entity management and board portal offerings into one user-friendly solution.
Alternatively, suppose your company wants specific modules for different areas, such as just the Board Portal or just the modules you would use for the corporate legal department. In that case, you can pick and choose from the different modules in the suite to get precisely what you need.
The DiliTrust Governance suite consists of five modules: Board Portal, Entities, Contracts, Litigation, and Documentation Library.
The Board Portal module digitizes and empowers the board and corporate secretary with all of the tools they need to hold a successful board meeting online securely.
DiliTrust Governance suite for the Board
The Board Portal module allows your board to digitize meetings in a secure, reliable manner. Critical files such as board meeting agendas and the board pack can be transmitted between the board secretary and directors within the Board Portal, leaving email entirely out of the equation. This feature keeps your communications safe and secure, especially when directors are known to use personal email.
Within DiliTrust Governance, the Board Portal features also make the corporate secretary’s job much more manageable. Instead of emailing multiple updated versions of a board pack, changes are made to the original, and board members are notified of the changes. By the time the meeting starts, everyone has the most up-to-date version of all documents, so they are all looking at the right numbers and recommendations. This ensures all members are abreast of the latest changes and are adequately prepared for their meeting.
DiliTrust Governance Suite for the Corporate Legal Department
The remaining Entities, Contracts, Litigation, and Documentation Library modules are designed explicitly for the corporate legal department. The Entities module simplifies the management of shareholders, subsidiaries, and capital with clear organizational charts and legal documentation sorted by entity. The Contracts module centralizes contracts and documents and allows you to monitor the life cycle of leases and similar time-critical contracts so you can get on top of them before they become an issue. Litigation does the same with all litigation files, offering transparent financial and case management. The Documentation Library acts as a central repository for all important company files, with customized access rights. All modules provide complete traceability for audit and e-discovery purposes.
The Governance suite’s modular design allows for configuration. If you are already comfortable with the Litigation solution but find Entities appealing, you have the freedom to choose one or more other modules from the DiliTrust Governance suite to optimize your needs.
The Right Tech for the Board and Legal Department = Better Corporate Governance
Due to the rise of Environmental, Social, and Governance (ES&G) investing, companies are actively searching for ways to be more transparent to shareholders about their corporate governance practices. When board members can easily access the information in the corporate legal department (only when assigned access rights, of course), they have the opportunity to make better decisions. It makes it much easier for the corporate secretary to access the reports they need to pull together information for the board. Additionally, file transmission takes place entirely through the tool and not through more insecure methods such as email.