Among the many board roles within the company, a secretary seems to have more varied duties and responsibilities to its name, a position that each board member values. The Accounting and Corporate Regulatory Authority (ACRA) requires businesses in Singapore to appoint a company secretary within six months of its incorporation.
Considering the importance of this position, companies need to choose reputable corporate secretarial services provider painstakingly. Over time, the role of a corporate secretary in Singapore is developing due to the ever-changing corporate governance. This article highlights the evolution of company secretarial services in Singapore.
The Evolving Role of Corporate Secretarial Services
When people hear the term corporate secretary, the thought of a typical stereotype of assistance, be it man or woman, who helps the CEO or board chairs, comes to mind. More often than not, corporate secretaries are typecast to be someone who is seen dashing around the office to prepare the meetings, do crucial follow-ups, as well as jot down important notes.
Nevertheless, recent changes in company governance expand the duties of corporate secretary to more responsibilities. From being the go-to person for support, the company secretary now holds one of the critical positions within the company.
The dynamic state corporate laws mandate the company and its board of directors to abide by the state and federal securities regulations. Thus, a secretary that has a wealth of knowledge about corporate statutory requirements ensures that the company complies with the laws at all times.
Company secretaries need to have in-depth knowledge and understanding of the corporate laws’ history and keep up with any amended or superseded regulations. One recent amendment, for example, is the ACRA introduction to more strict regulations involving the debarment and disqualification of directors and corporate secretary services in Singapore. The new amendments include Section 155, 155A, and 155B.
The Need for Eligible Company Secretaries
Today, the company secretary’s role weighs up as a senior position, which is of equal standing to a managerial position or beyond. Aside from performing the typical duties, secretaries usually offer advice and counselling to the executive directors and board chairs, as well as acting as a confidante.
After signing legal documents as the corporation’s representative, the board secretary will take hold of the company’s seal. The corporate secretary will share details with the managers and boards on the best practices for the governance of the corporation while working with them hand-in-hand to uphold the values. Due to the nature of the company secretary’s role, the senior board members are usually the ones to hold the position.
The Needs for Core Competencies for Successful Corporate Secretaries
Industry experts acknowledge that the various demands and facets that the company secretaries need to fulfil makes their role quite challenging. Therefore, there are specific skills that a company secretary needs to acquire and master to become successful in the field. Some of the critical skills include excellent interpersonal skills, great analytical reasoning, keen attention to detail, and creativity.
Responsibilities of Corporate Secretaries Today
Aside from the typical duties that the past corporate secretaries need to shoulder, the current corporate world requires them to carry out various legal obligations. They need to make sure that all the company’s business affairs get completed without violating the laws and regulations.
How Companies Benefit from the Corporate Secretarial Services
It is important to engage extremely competent company secretarial services in Singapore, who can meet the requirements of the position effectively. This way, the company can ensure workflow efficiency while avoiding the risk of getting fined.