As the name suggests, company secretarial service is not the traditional job of a secretary, but rather it is an administrative function carried out inside a company to ensure good corporate governance, effective administration, and compliance with legislation, laws and regulations that affect business.
Businesses need to manage corporate governance. The Company Act 2006 states that every company must adhere to the law and legislation that regulates their business, comply with the various laws and legislation that govern their business and strictly maintain records that list the members of the board, the meetings held, any interactions with shareholders and stakeholders and any involvement with government authorities.
In this article you will learn why company secretarial services are important, and how outsourcing them can benefit you and your business.
An Overview of the Role of the Company Secretary
The duties of a secretary include all administrative functions necessary for the successful operation of a business. Broadly speaking, the board of directors, the private company, and the shareholders are involved.
Board members should be provided with the necessary paperwork ahead of meetings and the board’s procedures must be followed. Ensuring compliance with legislation and proper conduct within the company is the secretary’s responsibility. Those who work there will be shareholders’ point of contact regarding corporate legal issues.
Because they are responsible for making sure the company follows the law, they must know about company law, maintain and update the company’s books in case of inspections, and prepare director reports and financial reports.
By corresponding with shareholders, the secretary handles any concerns they may have regarding shares being transferred. The person responsible for handling preparations and paperwork before and after each board meeting would announce the time, date, and location, produce agendas, take minutes, and prepare a report at the end of each meeting, as well as inform those involved in any decisions taken by the board, such as informing the regulatory information service if a dividend payment decision was made.
