The Secretary Of A Private Company

The Secretary Of A Private Company
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“The company secretary has a key role to play in ensuring that board procedures are both followed and regularly reviewed. The chairman and the board will look to the company secretary for guidance on what their responsibilities are under the rules and regulations to which they are subject and on how these responsibilities should be discharged. All directors should have access to the advice and services of the company secretary and should recognise that the chairman is entitled to strong support from the company secretary in ensuring the effective functioning of the board.”

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All public companies are obliged to have a company secretary. In April 2008, as a result of the Companies Act 2006, the post became optional for private companies unless their articles of association explicitly require them to have one. The information below offers a brief overview of the role.
When a company secretary is appointed, Companies House must be notified together with any change of details or the termination of the appointment.
In a public company, the directors must make sure, as far as is reasonably possible, that the secretary has “the requisite knowledge and experience to discharge the functions of secretary of the company”. In addition, they must meet one or more of the following qualifications:
Secretaries of private companies (where they continue) are not required to have any particular qualifications or experience.
According to the July 2018 UK Corporate Governance Code, “All directors should have access to the advice of the company secretary, who is responsible for advising the board on all governance matters. Both the appointment and removal of the company secretary should be a matter for the whole board.”
The secretary is an officer of the company and their duties can be wide ranging. While the Companies Act does not generally specify the role of the company secretary, they usually undertake the following duties:
The company secretary will often be required to take on a variety of additional administrative duties. Typically, these may include:
For public companies the company secretary will also be responsible for compliance with the requirements of the Stock Exchange, management of the company’s registrars and compliance with the UK Corporate Governance Code.
The Cadbury Report (1993) stressed the importance of the role of the company secretary:
With the increasing focus in recent years on corporate governance , the role of the company secretary has grown in importance. In many ways, the secretary is now seen as the guardian of the company’s proper compliance with both the law and best practice.
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From Wikipedia, the free encyclopedia

^ What is a Company Secretary?

^ Jump up to: a b "The Corporate Secretary - Duties and Responsibilities" . Archived from the original on 1 April 2012 . Retrieved 6 November 2011 .

^ Jump up to: a b Companies Act 2016 of Malaysia

^ Companies Commission of Malaysia (2016). Companies Act 2016 (PDF) . Kuala Lumpur: Percetakan Nasional Malaysia Berhad, Printer to the Government of Malaysia. pp. 243–244.

^ Companies (Practising Certificate for Secretaries) Regulations 2019 (PDF) (in Malay and English). Attorney General's Chambers. 2019. pp. 8–9.

^ Institute of Company Secretaries of India

^ section 270 Companies Act 2006

^ section 271 Companies Act 2006

^ Roles and Responsibilities of a company secretary

^ Moore Stephens South Africa. "The role of the Company Secretary" . Retrieved 29 August 2017 .

^ Naidoo, Melanie (21 June 2012). "SOUTH AFRICA'S NEW COMPANIES ACT: Key features for non-profit companies" . GAA Accounting . South African Institute of Chartered Accountants . Retrieved 29 August 2017 .

A Company Secretary is a senior position in a citizen sector establishment. Also known as Compliance Officers, it is one of the positions that is a part of the key managerial personnel (which usually includes the CEO & CFO) of any company. In large American and Canadian publicly listed corporations, a Company Secretary is typically named a Corporate Secretary . A 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 clerical or secretarial . 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 ]

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 secretary . 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, experienced and professionally qualified for these responsibilities.

In the UK, the company secretary may be qualified by virtue of examination and membership of The Chartered Governance Institute (CGI), which is the main qualification specifically for company secretaries. CGI is the 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'. The Faculty of Secretaries and Administrators founded in 1930 is the second body of corporate secretaries in the United Kingdom and now has a strong emphasis on equality work and governance and its members are designated 'corporate secretaries' or 'certified public secretaries'. It is expected that company secretaries of publicly quoted companies will be professionally qualified through CGI, one of the chartered professional bodies in the accountancy profession, or have appropriate training and experience through another body.

In Malaysia, the Companies Act 2016 [3] requires that every company to appoint at least one secretary. The secretary has to be appointed within the first 30 days after incorporation or a penalty is imposed on the Directors, running into a risk of being blacklisted. The responsibilities of the secretary include the following:

Only an individual who satisfies the requirement in the Companies Act 2016 , section 235 (2) may be appointed a company secretary. [4] The only professional body in Malaysia that awards the Chartered Secretary (FCIS/ACIS) qualification is the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA), which is a division of the Chartered Governance Institute , United Kingdom. In addition to the qualifications specified in the Companies Act 2016 , section 235 (2), a company secretary must also hold a current practising certificate issued by the Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia). [5]

In India, "The Institute of Company Secretaries of India" (ICSI) [6] regulates the profession of company secretaries . ICSI is a statutory professional body which has more than 65,000 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.

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 8 April 2008 there has been no legal requirement for a private company in the UK to have a company secretary unless the company's articles of association state otherwise. [7] If a private company doesn't have a company secretary then the company secretarial duties and responsibilities fall upon the directors of the company. With the increase in the number of social enterprises and community interest companies there is often a demand for a company secretary in the voluntary and community sectors as well as ordinary private trading companies. A public company in the UK must still have a formally appointed company secretary. [8]

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 ]

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: [9]

In Singapore, The Companies Act, Section 171 [3] requires that every business has a Company Secretary that must reside in Singapore. The Secretary has to be appointed within the first 6 months after incorporation. If the company has only one director, he or she cannot be the Corporate Secretary. The responsibilities of the Corporate Secretary include the following:

For public companies, the Secretary must be a registered filing agent or a qualified individual.

In China, every listed company is required to have a board secretary. According to article 124 of 2005 Company Law, every listed company is required to have a secretary to the board of directors. The responsibilities of board secretary include preparing meetings of shareholders and boards of directors, maintaining company records and shareholders information, dealing with information disclosure etc. Relevant listing rules in China further clarify that the secretary of the Board is a managerial position. Such listing rules discuss duties of board secretary in details. According to " Special Provisions of the State Council Concerning the Flotation and Listing Abroad of Stocks by Limited Stock Companies ", " Guidance for the Articles of Listed Company", "Stock Listing Rules of the Shanghai Stock Exchange" and "Stock Listing Rules of the Shenzhen Stock Exchange", the secretary of the Board is classified as the senior management team. From those listing rules, the board secretary, or the secretary of the board of directors, in China is comparable as the company secretary in many other countries.

In South Africa, all public and state-owned company must appoint a company secretary. The roles and responsibilities of the company secretary are defined in the Companies Act, No 71 of 2008 . For publicly listed companies, these roles were clarified and expanded by the King IV report . [10] In addition, non-profit companies that have voluntarily adopted the "Enhanced Accountability and Transparency" provisions of the Companies Act must appoint a company secretary whose role is comparable to that of a public company. [11]

In Sri Lanka, the Companies Act, No. 07 of 2007 requires that each registered company has a company secretary. A company secretary is required to be registered with the Department of Registrar of Companies, to function as a company secretary. Eligibility to function as a secretary are;

By Chron Contributor Updated June 19, 2020
Companies, independent business executives and public figures often hire private secretaries to help them manage their affairs. These secretaries, who are hired by an individual or his company, work exclusively for the individual and perform a variety of tasks to help him manage his business and private life.
Private secretaries must handle multiple tasks with precision and must develop a good rapport with the individual. This includes understanding the individual's preferences and interests. Private secretary work also requires strong organizational and communication skills.
A private secretary often handles their clients' schedules.The secretary must set appointments for meetings, business trips, interviews and vacations, according to the Bureau of Labor Statistics . Private secretary jobs use calendar-based planners to manage clients’ schedules. Software programs help with the task.
Private secretaries often communicate with others to confirm or cancel meetings and other scheduled events. Private secretaries must adapt to ever-changing schedules and must prioritize to make sure the most important meetings are planned and organized with care. Private secretaries also plan trips, which requires them to book reservations for flights, rental vehicles and hotels.
Private secretaries type letters, take diction from the client, send emails, record meeting minutes, write reports, prepare presentations and paperwork for meetings and answer phone calls, according to Your Article Library . Private secretaries must possess strong writing and typing skills.
The ability to write and type quickly and accurately is a vital necessity for any private secretary. While fielding calls and inquiries from visitors to the client’s office, private secretaries serve as gatekeepers deciding who gets access to the busy client. Private secretaries ensure that clients do not receive unwanted visits or phone calls.
Private secretaries often have budgeting responsibilities and often make purchases for their clients. They have access to an individual’s or a company’s banking accounts and credit cards to order groceries, office supplies and gifts and pay for services such as dry cleaning, office equipment repair, vehicle maintenance and janitorial services. They also pay for hotels, flights, catered meals and conference hall reservations. Private secretaries often manage budgets set by the client or establish their own budgets based on client preferences.
Private secretaries serve as liaisons between an individual, his staff and clients. These secretaries send and respond to mail and email on behalf of the client and receive and make and receive calls to relay important information from the client to others. Secretaries sometimes represent an executive at her meetings and special events. Private secretaries commission work on behalf of the client and pass along the client’s requests to other staff members. Some private secretaries also hire other staff members at the client's request.

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Company Secretary is one of the key positions of a company and is highly responsible one. Company Secretary is called Corporate Secretary in some places and hold same position of Company Secretary. He or she act as bridge of t
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