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Established since 1877, the London Metal Exchange (LME) is the world centre for industrial metals trading and price-risk management.
The LME provides producers and consumers of metal with a physical market of last resort and the ability to hedge against the risk of rising and falling world metal prices.
Providing a seamless service to the Board
The LME and its holding company used to hold up to 16 board meetings annually with 25 board packs consisting of approximately 300-500 pages at times, taking on average three full working days to prepare. The process of preparing and collating paper board packs was expensive and very time consuming. Typically, printing and distribution of board papers was costing approximately £2,000 per month. LME needed to find an efficient solution in producing board packs.
Security, time efficiency and ease of use were fundamental for LME when evaluating paperless solutions. Another key requirement was to work with a reputable, trusted and established solution provider with a solid understanding of the mechanics of a secretariat department. It was also important for LME to control access to board documents meaning directors could not print or email board packs to third parties.
From a director’s perspective
Board members were excited about the implementation of a paperless solution. Marcos Castro, Company Secretary, explains, “they were particularly pleased that they no longer had to wait for bulky board papers to be delivered and could review documents with ease. Board members have been thrilled with the transition to BoardPad they liked the ease of use, annotation and archiving functionality, especially the directors who sit on multiple boards”.
With BoardPad, sensitive information can be fully wiped from individual portable devices, in the event a device is lost or stolen.
From a meeting organiser’s perspective
The meeting organisers at LME are thrilled with BoardPad and the amount of time it now takes to produce board documents, simplifying the process and significantly reducing printing and distribution costs. BoardPad has helped the secretarial team speed up the process of board paper distribution and take full advantage of the latest technology and invest in a solution that will help improve LME boardroom practices.
“We felt at ease with the compelling security features and the fact that BoardPad was developed by the software company of ICSA: The Governance Institute”, said Mr Castro.
The LME’s transition to implement electronic board papers has been successful. BoardPad was first used at executive committee meetings and then from September 2011 – February 2012 directors could use it during the board meeting. Initially board members had an option to have paper packs delivered to them as well as electronic papers. Gradually they moved towards electronic papers only.
On average, by using electronic board documents, it will save us 160 hours per annum in comparison to producing paper board documents.