What is the role of the Board regarding various technology issues?
Minneapolis corporate governance attorney, John Stout, explains how boards are approaching technology issues.
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Three aspects of the Board and technology, one is how does the Board use technology itself to facilitate its meetings, the distribution of information, etcetera. The second is how does the Board oversee technology use and the employment of various technologies in the entity and oversee things like cyber risk, so the second piece of that puzzle is the oversight. And the third, which may be as important as any is Board composition. Does the Board have one or more directors that truly understand technology, the use of technology by the company and particular technologies, and also the various risks associated with technology? Not only from the use of it but from other people’s use of it, you know, perhaps to compromise the corporations technologies or to obtain information from the corporation that the corporation wouldn’t want obtained by an outside third party.