With all the regulations and requirements associated with registering a company in Singapore, it’s easy to become disorganized and miss out on deadlines and be overwhelmed by seemingly minor yet crucial office tasks. This is why assigning a corporate secretary is a critical decision every business owner needs to make. Not only are they accountable for safekeeping important documents and assisting the board of directors in carrying out operational functions, they must also be adept with administrative work and familiar with complex legislations the company has to adhere to.
They may not be part of the holistic planning and control of a business like the upper management, but the duties of company secretaries are also essential to a company’s success. Below are some of the roles and responsibilities of company secretaries:
Roles
Chief Administrative Officer
Perhaps the most common knowledge about corporate secretaries is that they oversee the daily operations of the company. While the upper management is responsible for decision-making, the secretaries are the ones primarily assigned to direct and supervise the implementation of these decisions. Moreover, they collaborate with managers in executing office activities and discussing improvements that can be done in the workplace.
Advisor to the Directors
Company secretaries today no longer just report the effectiveness of guidelines and other office updates to directors. In some cases, they also interpret these information and provide analysis and suggestions for company governance and business improvement based on these data.
Moreover, with their knowledge of corporate law, company secretaries also guide managers and board members about their legal responsibilities to the organisation.
Compliance Officer
Speaking of legal responsibilities, one of the most important roles of a company secretary is ensuring their organization’s statutory compliance. From incorporating the business as a private or public company to abiding by the local regulations for owning and operating a corporation, he/she holds the responsibility of maintaining the legal status of the organization. The Secretary also sees to it that the company observes business ethics and principles of corporate governance.
Liaison Officer
A company secretary also acts as an intermediary between the company’s stakeholders. It is through him/her that the decisions and information from the top management are disseminated to the employees, while their concerns and suggestions are escalated vice versa.
Calls, e-mails, letters, and other forms of communication internally and externally are also handled by the company secretary and they must always include the company identity in its official correspondences. Principally, they have to liaise with employees, directors, managers, suppliers, customers, the government, and other agencies.
Other Responsibilities
Some other tasks that a company secretary must accomplish are as follows:
1. Organise and Attend Meetings and Conferences
From scheduling to setting the agenda to inviting expected attendees, secretaries hold the responsibility of arranging meetings for the board members. They must also attend the sessions themselves to record the minutes of the meeting.
2. Manage shares
For public companies, it is also the company secretary’s job to complete returns and issue new shares may it be to predetermined investors or the general public. They are also accountable for the payment of dividends.
3. Prepare and file legal documents
Important legal documents such as forms, memorandums, and resolutions, as well as records pertaining to amendments in the company structure and constitution are filed and submitted by a company secretary to the appropriate authorities.
4. Update Registries
A company secretary must also be mindful of the validity dates of the company’s registries and renew them on time.
5. Maintain Company Integrity
He/she needs to see to it that everyone in the organization from the directors to the employees follow the rules written under the company constitution and ensure that the company exhibits transparency and accountability at all times.
Looking for a reliable secretarial team for your company?
Whether you’re a start-up entrepreneur or a CEO of a well-established corporation, SCS Accounting can assist you with your secretarial needs. We provide outsourcing solutions including company secretarial services led by our senior corporate advisor, a Chartered Secretary registered SIACSA and ACRA registered filing agent with over 10 years in the industry. Trusted by a host of clients from different industries island-wide, we guarantee upholding high standards of professional corporate practices and will offer your company a seamless compliance experience.
Learn more about SCS’s Company Secretarial Services