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What are the key responsibilities of a company secretary when working for an SME

The Corporate Secretary is responsible for keeping the Board of Directors apprised of any legislative duties under the Companies Act. For more information What are the key responsibilities of a company secretary just checkout these documents.

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What are the key responsibilities of a company secretary when working for an SME

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  1. What are the key responsibilities of a company secretary when working for an SME? For every business, after company incorporation Singapore must appoint at least one Corporate Secretary, according to Section 171 of the Companies Act. We discuss the main duties of the corporate secretary Singapore and what can he/she do for your newly incorporated business. An organization's corporate secretary is the official in charge of ensuring that it complies with all applicable laws, rules, and regulations. The board of directors is in charge of recruiting secretaries and must make sure that the candidates have the necessary professional, academic, and work experience to carry out their tasks effectively. A corporate secretary is responsible for making sure the business complies with all legal and regulatory standards established by the Companies Act and the Accounting and Corporate Regulatory Authority (ACRA). This includes issues about yearly returns, annual general meetings (AGM), board meetings and minutes, as well as other administrative responsibilities. All businesses in Singapore must hire a corporate secretary within six months of their establishment date, and the position cannot be unfilled for more than six months. Principal duties of a corporate secretary: Corporate secretaries are important members of staff that fulfill and uphold responsibilities like: Sharing information with the board of directors and the shareholders: To guarantee that shareholders' concerns about corporate governance are taken into consideration, the corporate secretary will serve as the initial point of contact for shareholders to communicate their ideas, criticisms, and suggestions to the Board of Directors and vice versa. Additionally, he needs to be receptive and follow up on any problems or fixes involving ACRA compliances or corporate governance. Provide statutory compliance advice to the board of directors: The Corporate Secretary is responsible for handling associated paperwork and informing, reminding, and updating the Board of Directors of any legislative duties under the Companies Act.

  2. The Corporate Secretary is expected to submit and amend any changes to the different registers if there are any changes to the shareholders, management officials, such as directors, CEO, managers, secretaries, and business structures. Responsibilities for preparing relevant papers and according to the law: Any changes to the company's information must be reported to ACRA by the corporate secretary. After obtaining the action plan from the board of directors, he or she must create the relevant paperwork following Singaporean law. The Company Constitution must be updated, share transfers or allotments must be reported, and resolutions must be drafted as examples of changes that need to be reported. Carry out secretarial duties: The duties of a secretary include planning and running board and committee meetings, creating agendas and minutes, and managing other administrative documents. Fulfill fiduciary obligations in the business's best interests: Corporate secretaries should act impartially and in the organization's and its stakeholders' best interests. According to the Companies Act, the CS must notify and advise the connected parties of any misrepresentations, conflicts of interest, or misconduct inside the firm. Protecting the company seal: The common seal is often kept in safekeeping by a corporate secretary. Along with a corporate director, he is qualified to use the common seal to sign official papers. Companies frequently use specialized businesses to handle compliance tasks and offer secretarial services, such as accounting firms and corporate secretarial firms. In such a scenario, the professional firm would sign an agreement to offer secretarial services and allow one of their employees to be designated as the client's secretary in exchange for a retainer fee. Conclusion: The secretary is required to do several tasks. According to the size, complexity, and conditions agreed upon by the secretary and the corporation, such obligations frequently range from compliance work to an advising function.

  3. The company secretary's main duty is to the directors, but the secretary is not to be thought of as their servant; rather, under the Companies Act, the secretary is an official of the company with extensive power drawn from the company's charter and the Companies Act.

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