The legislative response to the COVID-19 pandemic meant that, when it came to corporate reporting, in many jurisdictions the regulatory authorities were forced to make allowances for delays and provide alternatives to existing procedures. Our guide highlights the widespread adoption of remote working, videoconferencing and e-signature technology during the COVID-19 pandemic and notes where these measures remain in place or have been permanently adopted. Our legal professionals report that that, in many jurisdictions, regulatory authorities have now accepted that these innovative forms of corporate reporting are equally as valid as traditional practices.
This presents an opportunity for organizations to think carefully about what they wish to achieve from each board or shareholders’ meeting and the levels of transparency they wish to disclose in their reporting. Many organizations are experiencing increased scrutiny from stakeholders on a number of fronts e.g., good governance, profitability and stakeholder management.
While digital transformation provides a number of opportunities to increase resilience, we believe that transforming the legal and corporate secretarial functions should not be viewed primarily from a cost reduction perspective. As our guide shows, there is a great opportunity to reimagine how the organization treats adhering to corporate reporting deadlines as part of achieving its wider strategic goals.