The company secretary is accountable for the efficient administration of a company, particularly regarding ensuring compliance with legal and regulatory obligations and assuring that the board of directors’ decisions is implemented. There is no denying that a company secretary performs complex, multifaceted, and essential functions in any organization.
A company secretary plays an essential role in a company. He performs many functions and activities as per authorization from the board of directors. The secretary of a company is considered as one of the most important characters in a company. A company secretary is one of the most influential professionals in an organization. Here is the justification of these statements.
Importance of Company Secretary
- A company secretary works as the advisor to the board of directors and gives the necessary data to form plans and policies.
- A company secretary is an organizer. He registers to share allotment, prepares and allocates share certificates, and makes all arrangements to prepare various records like a statutory report, director’s statement, annual report, etc.
- A company secretary works as an agent of a company and enters into a contract, and makes representation on account of the company.
- He/she is a supervisor and maintains correspondence with all stockholders of the company.
- He/she is the channel of several meetings like annual general meetings, extraordinary general meetings, director’s meetings, etc. He also provides the notice, agenda, and minutes of meetings.
- He/she performs the role of a manager by maintaining all books of accounts needed by the company Act.
- He/she is the chief administrative officer and supports all company administrative jobs, and reports to the board of directors.
A company secretary is accountable for ensuring the smooth running of the company. They usually consider responsibility for some important areas like agreement with corporate governance and other financial and legal regulations; provision of strategic advice to the company’s board of directors.
If you are having a company in Hong Kong, like many other provinces, every company in Hong Kong must have a company secretary. The Hong Kong Companies Law (Chapter 622) (CO) presents under s.474 mandates that all companies incorporated within Hong Kong must have a company secretary services. According to Listing Rules (LR) 3.28, and section F of the Corporate Governance Code (CG Code) for public registered companies, they must appoint a company secretary HK even if they are not Hong Kong companies.
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