Who Can Become a Chartered Secretary?
A company secretary is a corporate officer that is elected by the board of directors. There are many rules about who can hold a corporate secretary position, including the qualifications for the position, the duties of a company secretary, and the remuneration. A company secretary is also not allowed to serve as president or the chair of the board.
Rules for appointment of company secretary
There are several important rules governing the appointment of a company secretary. These include: First, the company secretary must be in the company’s employ. Second, the company secretary must have a certain amount of experience. Third, the company secretary cannot hold more than one office in the same company. However, he or she can hold an office in a subsidiary company. If he or she holds more than one office, he or she must decide on one within six months.
The rules also require the company secretary to verify all transactions between related parties. These regulations must be adhered to. These rules are necessary for the efficient functioning of the company. The company secretary must also be competent to oversee subordinate offices. Further, the company secretary must be aware of any legal proceedings that may affect the company.
The company secretary must file Form DIR-12 with the ROC within 30 days of appointment. The company secretary must also notify the stock exchange within 30 minutes of the board meeting. The role of a company secretary is to assist the board with their affairs. In doing so, the secretary assists the Board in maintaining good corporate governance. Occasionally, the board may assign additional duties to the company secretary.
If the Board of directors of a company wishes to change the role of the Company Secretary, it must do so in writing. In addition, the board must endorse the terms of the appointment. The company secretary must also register all Key Managerial Personnel in the company. The company secretary must file all required information in Form DIR-12 and Form MGT-14 with the ROC within 30 days.
In addition to these responsibilities, the company secretary also acts as the chief administrative officer of the company. He or she advises the directors on their duties and ensures that they are following the law. He or she will also sign important legal documents, including lease agreements and bank accounts. He or she may also arrange insurance and negotiate with outside advisers.
Generally, a company secretary should have a degree or relevant professional qualification. Some employers require that candidates have at least a bachelor’s degree in law or accountancy. Alternatively, you can get your qualifications on the job. For a Chartered Secretary role, you must complete the ICSA qualifying programme. This course usually takes four years, or four and a half years, and is aimed at people with some business experience. In some cases, you can qualify much faster if you’ve already completed a bachelor’s degree in business or accounting.
In addition, you’ll need to be detail-oriented. Company secretaries must understand all aspects of the company’s affairs. They need to have thorough knowledge of corporate law, including regulations. It’s their job to ensure that directors are abiding by the law, and that the company is complying with its legal obligations. This includes making sure tax returns are filed on time and dividends are paid out on time. Other duties include forming necessary administrative documents, such as the articles of association and memorandum of organization.
Once qualified, you can work your way up to a full-time role as a company secretary. There are many training courses that train new professionals in this field. In some cases, you can join an apprenticeship program, where you learn from experienced company secretaries. There are also trainee-internship opportunities.
In addition to higher educational qualifications, a company secretary must have knowledge of secretarial practice. This includes the use of computers and sound knowledge of general and legal affairs. He or she must also have a good understanding of common business dealings and human relations. Lastly, the company secretary should be familiar with working with computers and must be able to sign a profit and loss account and balance sheet. Furthermore, the company secretary must be proficient in drafting contracts with vendors, underwriters, and brokers.
As a company secretary, your role is to ensure that your company is compliant with legal requirements and has a high standard of corporate governance. Although you are not required to give legal advice, you need to be familiar with the relevant laws that affect your work. Furthermore, the company secretary serves as a point of contact between the board of directors and the company’s shareholders. He or she also manages share option schemes, shares issues, and mergers.
Remuneration of company secretary
Company secretaries perform a variety of tasks and are often highly-experienced. Although a public company is legally required to hire a company secretary, a private company can hire one as well. They must work with a range of regulatory bodies and must be able to communicate with a variety of stakeholders. Company secretaries can work for a consultancy, as a sole practitioner or in a small partnership. These positions are typically advertised through specialist recruitment agencies. Many company secretaries obtain chartered status from the Chartered Governance Institute UK & Ireland. The institute offers two different levels of chartered status: basic and advanced.
The role of a company secretary can be rewarding. The position involves a range of responsibilities, including maintaining the statutory books, the register of members, and the board’s meeting agendas. The role also requires the company secretary to organise meetings and take notes. They are also responsible for facilities and premises and may work with the board on investor relations. Some company secretaries may also have the additional responsibility of registering shares for the company.
Remuneration for a company secretary is proportional to experience and knowledge of the field. An entry-level company secretary will typically earn between Rs. 28,000 to 40,000 per month. As experience increases, the salary can increase significantly. The highest paid company secretaries earn more than Rs. 17.2 lakh per year.
Remuneration of company secretaries is determined by the board of directors of a company. Company secretaries are often paid by professional firms, which receive a retainer fee from the client company. Remuneration of a company secretary in Singapore is usually equal to that of a CEO of similar rank.
Remuneration of company secretaries varies depending on the company’s size. If the company is large, the salary for the Company Secretary is higher than that of a secretary at a smaller company. The salary is based on an individual’s skills and experience, as well as their communication and business handling abilities.
Company secretaries typically earn between PS20,000 and PS35,000 as a trainee. As you progress up the ranks, you may earn as much as PS200,000 a year. The position is demanding, and requires excellent communication skills. A company secretary may work 40 hours a week, but overtime may be necessary if a crisis comes up or a board meeting is imminent.
Duties of company secretary
The duties of a company secretary are many and varied. One of their primary duties is ensuring that the company follows the rules and regulations set by the law. This requires them to know the corporate governance guidelines and act as a liaison between the company and its shareholders. The secretary also assists the company’s board of directors in their responsibilities. The secretary manages share option schemes and plays a key role in share issues and mergers.
Another of their responsibilities is to maintain the statutory registers. These documents are available for public inspection. However, the secretary is responsible for ensuring that all relevant documents are compliant with regulatory and corporate policies. The secretary may also need to work with external advisers and handle payroll. In addition, all directors should have access to the secretary’s advice. The company secretary must be appointed by the board and any changes to the secretary’s position must be reported to Companies House.
Aside from these responsibilities, the company secretary is also responsible for the company’s compliance with government requirements. Failure to file statutory information could result in the company being subject to a legal claim. The secretary also has the power to sign most forms required by Companies House. A company secretary is a vital member of the company’s management and must be kept up-to-date on all relevant legislation.
A company secretary can work for a variety of organisations. Although only public limited companies are legally required to hire a company secretary, they may also work in consulting firms, as a sole practitioner or in a small partnership. Specialist recruitment agencies usually deal with vacancies in this area. Most company secretaries gain chartered status with the Chartered Governance Institute UK and Ireland.
Besides acting as an advisor to the board, the secretary is also the company’s fiduciary. The secretary acts as a liaison between the company’s directors and shareholders.