The Company Secretary is a designation recognized by an international organization. The birth of the company Secretary is, marked by the impact of Singaporean in the corporate business and the joint-stock corporation. Its origin is authorized by the ruling law of The Companies Ordinance 1912 and its amendments. The Company Secretary is the chief administrative officer held responsible for all the duties highlighted in the Companies Act.
Company secretaries are responsible for many different duties. Even now the task of the company secretary is advancing over the period. These people are now achieving key governance importance in an organization.
This job is professionalized by the association of the Institute of Chartered Secretaries and Administrators in England. They were started being considered legally liable under the Companies Act, 1968. Earlier the person was also not considered a professional and experienced individual.
This recognition was given under the Companies and Allied Matters Act (CAMA), 1990. Before 1990, they didn’t have any reputation and dignity. But with time, they have been able to gain respect.
Do you know that the Companies and Allied Matter Act, 2020 has also listed rules regarding the appointment of the Company Secretary? Well yes, that’s true that under section 330 of the CAMA, 2020, there are certain laws for this. According to this –
- All companies excluding small companies need to appoint a secretary.
- The company should appoint Secretary within six months of CAMA, 2020
- The person appointed should have the required knowledge, skills, and experience to perform the tasks effectively and efficiently.
In absence of a Secretary, its duties can be performed by an assistant secretary.
Another amazing point is that CAMA, 2020 also states the procedure for removal of the company secretary.
An individual qualified as the Company Secretary can find a job in both the public and private sectors. There are various emerging fields for company secretaries, like –
- They can play a role as a financial advisor.
- They can help with tax payments, liquidation process, bankruptcy.
- They can also aid in the valuation of the assets.
- Company Secretaries have also evolved in the field of actuarial sciences, TRAI, IRDA, etc.
- They act as a corporate planner and the manager for developing various strategies.
- They further can be experts in corporate laws, securities law.
- They are referred to as Compliance Officers of the company as they are in-house legal experts.
- They have emerged in various management services. Management services can be in terms of general, strategic, human resource, or information technology. Not only this, but they have also evolved in the employment sector as they are recognized as key managerial personnel.
- Company Secretary also provides services in fields like project planning, corporate restructuring, foreign collaborations, and joint ventures, Due-diligence, Investor relations, and also corporate advisory services.
Therefore the Company Secretary has done a long way of advancement since its birth.