Roles and Responsibilities
The Company secretaries in all sectors have high level responsibilities including governance structures and mechanisms, corporate conduct within an organisation's regulatory environment, board, shareholder and trustee meetings, compliance with legal, regulatory and listing requirements, the training and induction of non-executives and trustees, contact with regulatory and external bodies, reports and circulars to shareholders/trustees, management of employee benefits such as pensions and employee share schemes, insurance administration and organisation, the negotiation of contracts, risk management, property administration and organisation and the interpretation of financial accounts.
Company secretaries are the primary source of advice on the conduct of business and this can span everything from legal advice on conflicts of interest, through accounting advice on financial reports, to the development of strategy and corporate planning.
Among public companies in North America, providing advice on corporate governance issues is an increasingly important role for corporate secretaries. Many shareholders, particularly institutional investors, view sound corporate governance as essential to board and company performance. They are quite vocal in encouraging boards to perform frequent corporate governance reviews and to issue written statements of corporate governance principles. The corporate secretary is usually the executive to assist directors in these efforts, providing information on the practices of other companies, and helping the board to tailor corporate governance principles and practices to fit the board's needs and expectations of investors. In some companies, the role of the corporate secretary as corporate governance adviser has been formalised, with a title such as Chief Governance Officer added to their existing title.
In view of the important roles the company secretary plays in business, PLCs and large companies require the company secretary to be suitably trained, experienced and professionally qualified for these responsibilities.
In the UK, the company secretary may be qualified by virtue of examination and membership of the Institute of Chartered Secretaries and Administrators (ICSA), which is the main qualification specifically for company secretaries. ICSA is the body dedicated to the advancement and recognition of professional administration based on a combination of degree-level studies, carefully vetted experience and sponsorship by two people of professional status. Only a person thus qualified is entitled to be designated a 'Chartered Secretary' or 'Chartered Company Secretary'. The Faculty of Secretaries and Administrators founded in 1930 is the second body of corporate secretaries in the United Kingdom and now has a strong emphasis on equality work and governance and its members are designated 'corporate secretaries' or 'certified public secretaries'. It is expected that Company Secretaries of Publicly Quoted Companies will be professionally qualified through ICSA, one of the Chartered Professional Bodies in the Accountancy Profession or have appropriate training and experience through another body.
In India, the Institute of Company Secretaries of India (ICSI) regulates the profession of Company secretaries . ICSI is a statutory professional body which has more than 29,010 associate members.
Chartered secretaries are employed as chairs, chief executives and non-executive directors, as well as executives and company secretaries. Some chartered secretaries are also known in their own companies as corporate secretarial executives/managers or corporate secretarial directors.
Chartered Secretaries are the sixth highest paid employees in the UK according to the Office for National Statistics Annual Survey of Hours and Earnings (March 2010).
Many corporate secretaries of North American public companies are lawyers and some serve as their corporation's general counsel. While this can be helpful in the execution of their duties it can also create ambiguity as to what is legal advice, protected by privilege, and what is business advice. www.icsi.edu
Read more about this topic: Company Secretary
Famous quotes containing the words roles and and/or roles:
“Productive collaborations between family and school, therefore, will demand that parents and teachers recognize the critical importance of each other’s participation in the life of the child. This mutuality of knowledge, understanding, and empathy comes not only with a recognition of the child as the central purpose for the collaboration but also with a recognition of the need to maintain roles and relationships with children that are comprehensive, dynamic, and differentiated.”
—Sara Lawrence Lightfoot (20th century)
“It was always the work that was the gyroscope in my life. I don’t know who could have lived with me. As an architect you’re absolutely devoured. A woman’s cast in a lot of roles and a man isn’t. I couldn’t be an architect and be a wife and mother.”
—Eleanore Kendall Pettersen (b. 1916)