Company secretary: do you need one?

So you’ve set up a limited company and assembled a team of directors and shareholders to manage the day-to-day running of your business, but do you have someone to manage your company’s financial and legal standards?

If not, a company secretary might be able to help. Although not a compulsory position for private sector companies, some owners employ secretaries to take on some of the director’s responsibilities.

So what are the key duties of a company secretary and can they help you with your business?

What is the role?

A company secretary acts as a point of contact between the directors and shareholders in reporting company procedures and ongoing developments.

This may involve strategic decision-making and, most of the time, the company secretary reports to the company chairman.

Duties

Depending on the size of the company and sector it operates in, a company secretary’s duties include:

• organising board meetings and preparing agendas
• overseeing policies and systems and ensuring it all complies with legal and statutory requirements
• collating information and writing reports to communicate key decisions to the business
• maintaining statutory books, including registers of members, directors and secretaries
• sharing input in meetings and advising members on legal, governance and tax implications of proposed policies
• monitor legislation changes and taking appropriate action
• liaising with regulators and advisers.

Do you need a company secretary?

The question will come down to whether or not you need a company secretary for your company.

The work of a company secretary can change depending on your type of business.

For example, some duties are specialised in a public sector company compared with a private sector company, such as monitoring changes in share ownership and company takeovers.

If you’re running a smaller business and are choosing to appoint a company secretary, some of the duties may include:

• monitoring the company’s pension scheme
• sorting contractual agreements with suppliers and customers
• managing office space and property for the business
• controlling public relations and aspects of financial management.

Talk to us

If you’re undecided on appointing a company secretary or would like more information of the roles and duties involved, get in touch with us today.