Ever wondered what is the role of a company secretary?
Well, as oil is important to the smooth running of an engine, so is a stellar secretary to a company. Company Secretaries roles are not just bound to minute taking. On the Contrary, their roles also span across providing guidance to the company. It is with regards to operating within the provided Company laws and regulations. Additionally, they also serve in advising on the best corporate governance standards as this is paramount. Especially in an era where adhering to good corporate governance practices and industry regulations are pivotal to the success of a company.
Some duties of company secretaries
There are several aspects of compliance in the Company Secretaries purview. These involve attending to the maintenance of the Company’s statutory records. Primarily, these records include:
- Minute Book,
- Company Seal,
- Memorandum and Articles of Association,
- Register of Members,
- Register of Directors and
- Register of Beneficial ownership.
Notably, company secretaries play vital roles in the governance of an entity. This is especially true when implementing company decisions through communication with the registrar. They monitor and lay down procedures to ensure each company is compliant. Accordingly, secretaries ensure all the relevant regulatory and legal requirements are met. This is essentially achieved through the maintenance of statutory records and filing of requisite returns and notices. Company Secretaries aid in effecting changes in the company such as;
- changes in Directorship,
- changes in the nominal share capital of a Company,
- allotment and transfer of shares,
- alterations to the Articles of Association of a Company,
- change of Company name,
- opening of bank accounts,
- change in bank signatories and
- De-registration of a company.
Additionally, good corporate governance practices is a role of a company secretary. They aid in preparation of Board and Committee charters, conducting Board Evaluations and Governance Audits.
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