Trustco

Trustco Namibia

Namibia’s Trustco uses BoardPacks to save money on the cost of board meeting printing

Background

Trusco is one of Namibia’s foremost financial services (FS) firms. It was founded in 1992, is listed on both the Namibian Stock Exchange (NSX) and the Johannesburg Stock Exchange Ltd (JSE), and offers a wide range of services to both consumers and businesses.

Each of its four divisions – banking and finance, insurance, resources, investment – has its own board, while the overall group also has a board and executive committee. This main board provides leadership with the direction, governance and control of the group to ensure that the company is a responsible corporate citizen whose performance is reflected in its triple context, creating sustainable social, economic and environmental value to all the group’s stakeholders.

Part of this environmental commitment was challenged by the sheer volume of senior executive meetings held within Trustco. Not only was a lot of administrative resource used when preparing for these meetings, but printing agendas and board packs for each meeting was becoming costly, in addition to the impact on Trustco’s environmental footprint.

“Our commitment to the environment and doing business in the right way is strong, and it was becoming clear that our board level meetings could be approached differently,” said Amanda Bruyns, Company Secretary, Trustco. “We undertook a cost analysis to ascertain how much we were spending on printing materials for our board meetings. When we saw the results we decided the time was right to look for a digital solution to this area of our business and implement an online board portal.”

The solution

The team at Trustco conducted a thorough search of the market to see which options were available and which would best suit the company’s specific requirements, which included strong security protection and mobile functionality.

“As a financial services firm, some of our board room discussions are highly confidential, so security was a significant concern for us,” continued Amanda Bruyns. “Whichever online board portal we selected had to have our complete trust that it was safe and secure, and so after a period of evaluation we decided to use BoardPacks.”

BoardPacks, eShare’s online board portal, was implemented in June 2017 and the eShare team was invaluable in helping to get everyone at Trustco comfortable with BoardPacks, as Amanda Bruyns explains:

“Part of the reason we selected BoardPacks was its simplicity of use, but we still had some board members that were less tech-savvy than others. Mark Presbury personally came in and trained all 25 executives that would be using BoardPacks, which really helped establish the product with the senior Trustco team.”

The results

Although it is still early days for BoardPacks at Trustco, its impact since it was rolled-out has been profound. Administrators are spending less time preparing board packs for meetings, while the users have taken to BoardPacks immediately.

“Everyone that has used BoardPacks so far has been impressed with how easy and accessible it is to use,” said Amanda Bruyns. “The feedback we have had has been uniformly positive, and in particular the feature that allows Word and Excel documents to be shared and utilised within BoardPacks, not just PDFs.”

In addition to the operational benefits noticed by Trustco, BoardPacks has also realised significant cost benefits for the company, as Amanda Bruyns concludes:

“The annual fee for BoardPacks is less than we were spending on printing materials for board meetings, according to the cost analysis we conducted at the start of this process. It’s a product that has improved Trustco’s board meetings in many ways, but to learn that it is also more cost-effective than before really is the icing on the cake.”

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