Understanding the Role of a Company Secretary in the Business Environment
A company secretary is not a necessity for a private limited company, although there are some companies that choose to appoint a company secretary to assist the company director in some of the business responsibilities that need to be carried out.
Before forming a business, it is first important to understand what are the important roles that are going to be the foundation of any company that is form. When incorporating or registering a company, you will notice that there are certain requirements that need to be met before a business can be registered or incorporated. One of these is that there will be a minimum shareholder and director requirement that needs to be met before a company can be registered. After those requirements are met, then would come the appointment of a company secretary.
What is a Company Secretary?
A company secretary is considered as one of the more senior positions in the company, after the directors and the shareholders. Company secretaries can be found appointed in the private sector or public sector companies and organisations, although not a necessity for a private limited type of entity.
What are the roles and responsibilities of a Company Secretary?
Being appointed as a company secretary comes with a high level of responsibility, and despite its name, does not entail any secretarial type duties. The role of a company secretary is much more than that.
A company secretary is required to handle and be responsible for the efficient management and administration of a company. A company secretary would need to be responsible for ensuring that the compliance with statutory and regulatory needs are met, while ensuring that the decisions of the board of directors are implemented in the company.
A company secretary is responsible for ensuring that an organisation complies with the relevant legislation and regulations that need to be met when running a company. It is also the responsibility of the company secretary to ensure that the board members of the company are informed of their legal responsibilities.
Because the company secretary is the representative on legal documents for the business, it is their responsibility to ensure that the company and the company’s directors always operate within the law. The company secretary would also need to ensure that they regularly communicate with shareholders, ensure that all dividends are paid, and maintain the company’s records which include the list of directors and shareholders as well as the annual accounts.
How to be a Company Secretary
To be a successful company secretary requires a high interest and knowledge of company law and governance, strong attention to detail, able to influence at high levels, write clearly and process large amounts of information, is trustworthy at keeping confidential information. If you meet the requirements, you may have what it takes to be a successful company secretary. If you require one or need any advice on company secretary, please contact us to know more.