Trico Marine Services8 October 2014
Trico Marine Services was able to emerge from bankruptcy with the help of an active, engaged board of directors.
To make key decisions, the board needed instant, secure, and easy access to current and archived information. Intralinks Connect® helped keep the board “in the know” and in command.
“In this day of magnified responsibilities for public company directors, having the virtual library at their fingertips lets them act with the confidence that they are fully informed. That is the recipe for increasing shareholder value."
– Rishi Varma, General Counsel, Trico Marine Services
Trico was printing, binding, and shipping board books to each director prior to meetings. With the board members spread over many different locations and heavy travel schedules, ensuring everyone received their board book in advance of meetings proved difficult. In addition, after each meeting, the books were then collected. Board members no longer had access to previous meeting information.
To enable its directors to make decisions in real time, Trico needed a virtual solution that would make information available 24/7. Management believed a virtual board of directors online information repository would help the board operate more efficiently and improve security for the exchange of confidential information.
Security is a paramount concern to Trico as its directors review highly confidential information related to the company’s business. Paper documents lacked the security and control that Trico needed, as they can get lost or inadvertently left on someone’s desk. E-mails were also not ideal since they can be easily forwarded, or intercepted by hackers. Plus, internal networks can be viewed by IT departments and others not authorized to have access to certain confidential information.
For Trico, Intralinks Connect was the clear choice for creating a secure, online document repository that board members could access any time, anywhere. With Intralinks, Trico can post password-protected board and committee information, meeting minutes, documents relating to acquisitions or proxy solicitations, quarterly financials, budgets, compensation reports, industry facts and trends, and other key intelligence.
Today, quick and easy access to critical information helps Trico’s directors fully research topics in advance of — and during — board meetings. In addition, because Trico’s global operations keeps its general counsel on the road, he is able to easily upload or review information from anywhere in the world, including support for last minute board meetings.
Intralinks has also helped Trico implement compliance best practices and improve the way the board governs itself. Along with airtight security that provides protection for decision-making and use of confidential information, Trico’s directors use Intralinks to track meeting attendance and committee activities.