Among the many reasons why companies require corporate secretaries is their responsibility to ensure that the Board of Directors has proper resources and advice to execute their primary roles to shareholders as per the country’s law.
Corporate secretaries are senior members of the Board of Directors and are very instrumental on governance of a company. Often, they are business professional or lawyers who have undergone extensive training in matters of governance. An experienced company secretary makes sure that the board is running effectively and legally.
In addition to that, the corporate secretaries are also responsible for ensuring compliance with regulatory and statutory requirements as well as the integrity of the governance framework. They also provide a smooth running of a company and implementing decisions made by the Board of Directors.
While each organization defines specific roles of these secretaries depending on their bylaws, some general duties are constant within all types of organizations.
Here are the main reasons why you need corporate secretarial services in Singapore.
To comply with the Singapore’s regulatory requirement
The laws of Singapore require that every company should appoint a corporate secretary within six months of its incorporation. But that’s not all, this secretary has to reside locally in the country, and she or he must not be the company’s sole director. If the company is public, the corporate secretary will have to go through specific eligibility criteria under the CA. Above all, secretary’s office shouldn’t be left vacant for over six months at any time. As it is, companies in Singapore need these secretaries to ensure they are compliant with the law.
Consistency and accuracy in record keeping
These secretaries are not only trained but also qualified to execute the administrative tasks, such as record keeping with accuracy and consistency. While the actual secretaries may be responsible for taking minutes of any meeting, corporate secretaries are, in the end, responsible for this content, and they should at all times make sure that the minutes reflect the board’s decision. Corporate secretaries will take care of all records and corporate documents, like compliance with state laws, disclosure information as well as Securities and Exchange Commission compliance and report. They also are responsible for stakeholder relations and maintain record related to the stock issues, transfer or proxy statements and correspondence of the stakeholder.
Prepares and plans for board meetings
Board meetings require thorough planning and preparations if they are to be successful; and who’s in a better place to take care of all that than a corporate secretary. These secretaries handle every aspect of committee and director meetings, including everything from agenda preparation to meeting logistics and everything in between. They go to meetings, take care of minutes, develop meeting schedules, manage stakeholder’s annual meetings and ensure enough time is dedicated to these meetings.
Other duties of corporate secretarial services in Singapore include:
- Advising the board on subjects like subsidiary governance and management and its roles and responsibilities
- Orientation, training, and education to new directors
- Facilitating of board evaluations
- Ensuring succession planning
- Performing annual strategic planning session
If you are looking for a Qualified Nominee Director In Singapore or Corporate Secretarial Services, the author of this article suggests Ace Financial Accounting Pte Ltd.