regardless of the size of the board or company, it’s important for boards to secure confidential documents. The information is protected so that it is not accessible by anyone without authorization. This prevents information leakage which could harm the business or result in an erosion of trust.
In order to tackle these issues it is imperative to have a comprehensive policy. The policy should clearly state that directors must protect any important non-public information they receive or acquire while serving on a board. The policy should also clearly define what constitutes confidential information, and include a clear statement that any breach of confidentiality can be considered a violation of the director’s fiduciary obligation to the company.
The most important thing is that the policy should address the manner in which the board will advice on virtual data room pricing for getting the best option react to a breach. Generally speaking the board should take into consideration various options including censure by other directors to, in extreme instances removal from the board. This will ensure that the policy will be considered seriously and enforced when necessary.
It is vital that the secretary use an administration and distribution software in order to set up an effective document security system. These systems can be configured in just a few minutes and offer administrative controls and digital rights management (DRM) which are needed to assist the board secretary in securely distributing the board documents. The system can also offer the option of setting specific access privileges for each individual with viewing and printing limitations, expiry dates for PDFs visible watermarks and the ability to review who has seen a document.
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