Discover The Main Duties Behind A Corporate Secretary
A competent corporate secretary is a vital asset for any company looking to do business in Singapore; state corporate laws have made it mandatory for every corporation to have its corporate secretary. Corporate law has allowed companies to give their corporate secretaries duties and authority according to their by-laws.
While a corporate secretary’s responsibilities can differ from corporation to corporation, some obligations remain constant for the role. In this article, we will list down a few of their duties along with a brief explanation.
One of the critical duties of a corporate secretary is to schedule board of directors meetings and general meetings for the organisation. If it’s for the former, the secretary typically does the following:
- Prepare and circulate relevant info and documents for the meeting
- Inform and advise attending parties about the topics
- Record and endorse copies of the minutes of the meeting.
For the latter, the secretary will still play a supportive role by performing the following:
- Notifying shareholders about details of the AGM
- Preparing and circulating vital documents such as balance sheets, financial statements, Auditor’s and Director’s reports
- Ensuring that proper voting is conducted
Be aware that this is only a brief list of the activities that a corporate secretary needs to do when scheduling an organisation’s meetings.
Duties towards the company & internal stakeholders
Along with all the responsibilities mentioned above, a corporate secretary also has duties towards the board and local directors, the organisation itself, and its respective shareholders.
Board of Directors
The corporate secretary advises the board of directors on topics like subsidiary management and governance. Moreover, corporate secretaries are also in charge of appointing and managing new board directors of the company. It’s also up to the secretary to provide essential guidance to the Board of Directors regarding their duties and other responsibilities in the company.
The company secretary possesses sole responsibility in ensuring that the company is compliant with all relevant and applicable company laws and communicating any appropriate changes on a timely basis. Besides, the secretary also guides business ethics and corporate governance.
An organisation’s corporate secretary is generally the first point of contact for its shareholders. The reason is that anytime a shareholder raises an issue regarding the company, the secretary will act as a middleman and pass on their concerns to the Board of Directors, assuring the former that the matter will be discussed in the following meetings.
Documenting the Meeting
Another responsibility of a corporate secretary is to take the minutes of meeting during board and general meetings, a duty that requires special skills. The reason being is that it takes talent for a secretary to know precisely what points to note and in how much detail. These skills only come with experience, so companies mostly prefer to go to establishments that provide experienced company secretary services.
Overall capabilities of a corporate secretary
Most corporate secretaries belong to law and business backgrounds with training in management and governance responsibilities. The duties and responsibilities of corporate secretaries are vital to the success of the business. Successful completion of these duties requires detailed knowledge of corporate governance and other relevant laws.
It is not unusual for a company director or a board member to take responsibility as the company’s corporate secretary. Good conceptual knowledge of business administration and accounting is also quite valuable for being a corporate secretary and completing your responsibilities successfully.
If you’re looking into incorporating a business in Singapore, enlist the expertise of OneStop Professional Services and get a company secretary that you can rely on.
Apart from company secretarial services, OneStop Professional Services offers services for all your corporate needs, such as accounting services and even incorporation services. This extends up to providing individuals capable of being a local director to companies in need. With us, we will help to support your every business need.