The Secretary Of A Private Company
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The Secretary Of A Private Company
After reading this article to learn about: 1. Definition of a Private Secretary 2. Qualifications of the Private Secretary 3. Functions and Duties of a Office Secretary 4. Financial Duties of Office Secretary.
A private secretary may be defined as an individual who is appointed by a very busy and important person to assist him in the discharge of his daily personal and confidential duties.
An important and busy man cannot and should not waste his valuable and scarce time for doing routine types of jobs.
Persons of eminence such as industrialists, politicians, directors of a company, doctors, lawyers, important authors, film stars appoint private secretaries to assist them in their personal and confidential matters.
When a private secretary is appointed by an individual, the terms and conditions of his appointment are determined by his master.
When a private secretary is appointed by an organisation as its Chief Executive, the terms and conditions of his appointment are determined by the rules and regulations of the organisation concerned.
A private secretary should have the following qualifications:
1. He/She must have sound education. He must have post-graduate qualifications in Economics or Commerce, preferably with a degree in Law.
2. He should have a high standard of general knowledge and be well-informed on current affairs.
3. He should have a thorough knowledge of trade or profession.
4. He must have good knowledge of English— both written and spoken. He has to make correspondence, write reports, minutes etc. in English.
5. He must have good communication skills. The secretary has to explain a lot to other persons.
6. He must have a dynamic personality and pleasing behaviour.
7. He should have a sharp memory and must be hard-working.
8. He should have knowledge of office organisation, procedures and rules.
9. He should have knowledge of shorthand and typing, fax and computers, e-mails and intranet as also internet.
10. He should have knowledge of accounts.
The main objective of appointing a private secretary is to shift some burden of the employer’s responsibility on the shoulders of the secretary so that the employer gets some relief. A private secretary has to do many types of work. The functions of a private secretary cannot be determined as in the case of other secretaries.
In the case of other secretaries, there may be laws to define the activities of the secretaries, but in the case of a private secretary, his employer is his law. He has to do the duties which may be entrusted to him by his employer. Therefore, it is very difficult to describe clearly the functions of a private secretary.
His functions may be broadly classified into the following categories:
Every private secretary has to perform some routine official work which depends on the nature of the status of his employer. Routine office work of a private secretary include handling of correspondence, maintaining records including filing and indexing, maintaining various records, books of accounts and registers etc., attending telephone calls and callers, preparing tour programmes of his employer etc.
2. Literary Duties including the Work of a Stenographer:
Every private secretary must be a good stenographer capable of taking dictations from his employer and typing them out. He has to draft routine correspondence for his employer. He has to draft speeches, reports or statements as may be asked by his employer.
Every private secretary has to act as a receptionist. He has to handle telephone calls—both incoming and outgoing. He attends the callers and answers their questions on behalf of his master. He maintains a diary for the engagements of his employer.
The private secretary of a prominent person connected with social or political organisations is frequently asked to act as a secretary to various committees and subcommittees. He has to prepare and issue notices for meetings, he has to conduct the meeting and prepare the minutes of the meetings. Sometimes, the private secretary prepares the speech to be delivered by his employer at the meeting.
Sometimes the private secretary holds a residential post.
In that case, he has to perform many duties in connection with his employer’s household and social affairs, as:
(i) To arrange for the payment of wages and salaries of domestic staff;
(ii) To maintain personal accounts of his employer and submit his income tax returns;
(iii) To maintain investment records of his employer;
(iv) To pay for electric, telephone and other bills;
(v) To arrange for purchase of tickets, hotel reservation, railway reservation etc.;
(vi) To make arrangements for parties, dinners, get-together and other engagements, to send greeting cards, letters of congratulations etc.
The main financial duties of a private secretary will be:
(i) Handling the cash and bank accounts of his employer;
(ii) Payment of bills, taxes, salaries, subscriptions and donations and keeping their records;
(iii) Keeping records of the employer’s investments and the income derived therefrom;
(iv) Preparing the income tax returns and filing them before time and payment of income tax to the government;
(v) Making payments for insurance policies.
A Private Secretary is more than a good Shorthand-typist :
A private secretary is a person employed by a busy and eminent person to assist him in all possible works including taking dictations from him. He has to represent his employer and to do his private and confidential work. In many cases, the employer might not have good knowledge of English and has no idea about writing letters correctly.
In such cases the private secretary will have to make corrections of the dictations given by the employer and place it before the employer for his signature.
On the other hand, a shorthand typist is a routine worker. He has no authority to alter anything contained in the letter. He has just to take dictations from his employer and to type out the same strictly in accordance with the dictations.
From the functions of the private secretary and the shorthand-typist, it appears that the private secretary must be a conscientious worker capable of understanding the full implications of any correspondence and sometimes he may have to alter, improve, rectify or completely rewrite the dictation given by his employer.
Of course he will have to do it very tactfully so that his employer would not be offended owing to his lack of knowledge or education. On many occasions, he has to prepare draft of letters, reports or speeches himself on behalf of his employer.
A private secretary must be a good short-hand typist but at the same time he must have other qualities. The functions of a shorthand-typist are very simple and limited and he has only to follow the dictation given to him by his employer.
Difference between the status of a Private Secretary and a Personal Assistant :
The status of a private secretary is different from that of a Personal Assistant. A private secretary is more than a Personal Assistant. The private secretary must be a conscientious worker capable of understanding the full implication of any correspondence and sometimes he has to alter, rectify, improve or completely rewrite the dictation given by his employer.
He also represents his employer and does his confidential work. On the other hand, the function of a Personal Assistant is quite simple. He is merely a routine worker and has only to follow the dictation of his employer. He has no authority to alter any word contained in the letter.
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For the role of administrative assistant , see Secretary .
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A company secretary is a senior position in a private company or public organisation , normally in the form of a managerial position or above . In the United States it is known as a corporate secretary .
The Company Secretary is responsible for the efficient administration of a company , particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the Board of Directors are implemented . [ 1 ]
Despite the name , the role is not a clerical or secretarial one in the usual sense . The company secretary ensures that an organisation complies with relevant legislation and regulation , and keeps board members informed of their legal responsibilities . Company secretaries are the company ’ s named representative on legal documents , and it is their responsibility to ensure that the company and its directors operate within the law . It is also their responsibility to register and communicate with shareholders , to ensure that dividends are paid and to maintain company records , such as lists of directors and shareholders , and annual accounts .
In many countries , private companies have traditionally been required by law to appoint one person as a company secretary , and this person will also usually be a senior board member . [ citation needed ]
The Company secretaries in all sectors have high level responsibilities including governance structures and mechanisms , corporate conduct within an organisation ' s regulatory environment , board , shareholder and trustee meetings , compliance with legal , regulatory and listing requirements , the training and induction of non - executives and trustees , contact with regulatory and external bodies , reports and circulars to shareholders / trustees , management of employee benefits such as pensions and employee share schemes , insurance administration and organisation , the negotiation of contracts , risk management , property administration and organisation and the interpretation of financial accounts .
Company secretaries are the primary source of advice on the conduct of business and this can span everything from legal advice on conflicts of interest , through accounting advice on financial reports , to the development of strategy and corporate planning .
Among public companies in North America , providing advice on corporate governance issues is an increasingly important role for corporate secretaries . Many shareholders , particularly institutional investors , view sound corporate governance as essential to board and company performance . They are quite vocal in encouraging boards to perform frequent corporate governance reviews and to issue written statements of corporate governance principles . The corporate secretary is usually the executive to assist directors in these efforts , providing information on the practices of other companies , and helping the board to tailor corporate governance principles and practices to fit the board ' s needs and expectations of investors . In some companies , the role of the corporate secretary as corporate governance adviser has been formalised , with a title such as Chief Governance Officer added to their existing title . [ 2 ]
In view of the important roles the company secretary plays in business , PLCs and large companies require the company secretary to be suitably trained , and professionally qualified for these responsibilities .
In the UK , the company secretary may be qualified by virtue of examination and membership of the Institute of Chartered Secretaries and Administrators ( ICSA ), which is the only qualification specifically for company secretaries . ICSA is the only body dedicated to the advancement and recognition of professional administration based on a combination of degree - level studies , carefully vetted experience and sponsorship by two people of professional status . Only a person thus qualified is entitled to be designated a ' Chartered Secretary ' or ' Chartered Company Secretary '.
In India , the Institute of Company Secretaries of India ( ICSI ) regulates the profession of Company secretaries . ICSI is a statutory professional body which has more than 29 , 010 associate members .
Chartered secretaries are employed as chairs , chief executives and non - executive directors , as well as executives and company secretaries . Some chartered secretaries are also known in their own companies as corporate secretarial executives / managers or corporate secretarial directors .
Chartered Secretaries are the sixth highest paid employees in the UK according to the Office for National Statistics Annual Survey of Hours and Earnings ( March 2010 ). [ citation needed ]
Many corporate secretaries of North American public companies are lawyers and some serve as their corporation ' s general counsel . While this can be helpful in the execution of their duties it can also create ambiguity as to what is legal advice , protected by privilege , and what is business advice . [ 2 ]
Since 6 April 2008 there has been no requirement for a private company in the UK to have a company secretary unless the company ’ s articles of association state otherwise . [ 3 ] If a private company doesn ’ t have a company secretary then the duties that would otherwise have belonged to the company secretary will fall on the directors of the company . A public company in the UK must still have a formal company secretary . [ 4 ]
The exact responsibilities of the company secretary depend on the size and nature of the company and there is no statutory definition of what these are , but it generally includes some or all of the following: [ 5 ]
In India every company having a paid up share capital of Rs . 50 million ( 5 crores ) or more is required to appoint a qualified person as Company Secretary . A qualified Company Secretary should be a member of Institute of Company Secretaries of India . A company having not less than Rs . one million ( 10 lacs ) paid up capital and not required to appoint a full time company Secretary should file a compliance certificate signed by a practicing Company Secretary with Registrar of Companies .
Section 383A of the Companies Act , 1956 provides for the mandatory appointment of a whole time secretary where the paid up capital of the Company exceeds Rs . 50 million ( 5 crores ). If the capital is less than Rs . 50 million ( 5 crores ), the company is required to obtain a secretarial compliance certificate and attach the same to the Directors ' Report and file it with the Registrar of Companies .
Statutory declarations of compliance under various other provisions of the Companies Act , 1956 are also to be certified by practising company secretaries . Under the MCA 21 e filing regime several forms ( including some , exclusively ) are required to be pre - certified by practising company secretaries .
The annual returns of companies listed on recognized stock exchanges are to be signed by a practising company secretary .
Further , the Securities and Exchange Board of India ( SEBI ) also recognizes the Company Secretary as the Compliance Officer and the practising company secretary to issue various certificates under its Regulations . Further , the practising Company Secretaries are also authorised to certify compliance of conditions of corporate governance in case of listed companies .
The Reserve Bank of India also authorises company secretaries to issue various certificates .
The Institute of Company Secretaries of India is the premier professional body to develop and regulate the profession of Company Secretaries in India . It was set up by an Act of Parliament in 1980 .
When the Companies Bill , 2009 is passed by the parliament and becomes an Act , the National Company Law Tribunal ( NCLT ) will be given powers of a court and all matters relating to Company Law would be heard before it instead of High Court . Only a Company Secretary would be eligible to appear before NCLT and not a lawyer . This will open more opportunities for a Company Secretary .
ə NKS & Company , Company Secretaries , India -{ www . csnitesh . com }
company secretary — ➔ secretary * * * company secretary UK US noun [ C ] ( US also corporate secretary ) ► MANAGEMENT , LAW one of the managers at the highest level of a company , who is responsible for making sure that the company is managed correctly and according to … … Financial and business terms
company secretary — noun The chief administrative officer of a company , having certain duties and obligations , eg ensuring that company documentation is in order • • • Main Entry: ↑ company * * * company secretary UK US noun [ countable ] [ singular company secretary … Useful english dictionary
Company Secretary — The company officer responsible under the Companies Act 1985 for keeping minutes of meetings , filing statutory forms and other administrative company law compliance issues . Easyform Glossary of Law Terms . UK law terms … Law dictionary
company secretary — plural company secretaries n someone with a high position in a company who deals with ↑ administrative and legal matters … Dictionary of contemporary English
company secretary — company secretaries N COUNT A company secretary is a person whose job within a company is to keep the legal affairs , accounts , and administration in order . [ BRIT ] … English dictionary
company secretary — An officer of a company . The appointment is usually made by the directors . The secretary s duties are mainly administrative , including preparation of the agenda for directors meetings . However , the modern company secretary has an increasingly … … Accounting dictionary
company secretary — An officer of a company The appointment is usually made by the directors . The secretary s duties are mainly administrative , including preparation of the agenda for directors meetings . However , the modern company secretary has an increasingly … … Big dictionary of business and management
company secretary — UK / US noun [ countable ] Word forms company secretary : singular company secretary plural company secretaries business British an official of a company whose job is to deal with financial and legal issues … English dictionary
company secretary — noun ( C ) BrE a member of a company who deals with money , legal matters etc … Longman dictionary of contemporary English
company secretary — / kʌmpəni ˈsɛkrətri / ( say kumpuhnee sekruhtree ) noun an officer of a company , required by the legislation regulating companies to be appointed by the directors , with authority in administrative matters … Australian - English dictionary
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