What Is the Role of a Company Secretary?
The company secretary is an essential role at most companies, both large and small. But what exactly is it? Who can – and cannot – be the company secretary? What are their duties?
Here's what you need to know about company secretaries, including how to outsource the service to a specialist third party.
What Is the Role of a Company Secretary?
The company secretary is an officer of the company. When it comes to specific tasks that the Companies Act requires, the company secretary shares legal responsibilities along with the directors. In fact, they are usually appointed as a director, but this is not a requirement.
Do all companies need one? No. Private companies do not need to have a company secretary – but most of them do.
The Companies Act contains a large number of offences that the company secretary can be prosecuted for if they fail to comply with their legal requirements – so it is a very important role.
The company secretary may take on responsibility for various legal issues, advise the directors, arrange insurance and might also be involved in negotiations.
It is a job that requires many skills, not least a knowledge of corporate law, strategy and finance. It is also essential when choosing someone to carry out the company secretarial services that you choose a person with the essential skills and experience.
Key Duties of the Company Secretary
The company secretary's duties are varied. They are essentially the chief administrative officer, and as a result they are responsible for many tasks.
One of their main responsibilities was to file annual returns at Companies House. However, this is now an 'annual confirmation' after it was changed in June 2016. They also have to confirm that the information held by Companies House is accurate.
They must know the main statutory requirements involved in filings, and annual events must be timetabled.
They must also file other documents like the directors’ report. This provides their name or that of the director who is approving the accounts and financial statements.
They must also keep a register of people up to date and filed with Companies House, and they may have other duties like PAYE, VAT?registration and payroll. In quoted companies, they have to report on the number of women and men they employ, the business model, strategy and more.
Who Can Be the Company Secretary?
A company secretary does not require any formal qualifications. However, they will need the appropriate skill set and knowledge of business law to carry out the role effectively.
The auditor for the company cannot be the company secretary, and neither can an undischarged bankrupt. But apart from that, there are no specific requirements.
It is also a role that you may want to outsource to a specialist third-party.
Outsourcing Your Company Secretarial Services
At Keith Graham, we provide specialist company secretarial services, also known as corporate secretarial services.
Our experts will take on all the responsibilities of the company secretary, including submitting documents to deadlines that are required by The Companies Act, preparing and filing statutory returns, preparing minutes and resolutions, dealing with company formations and more.
This way you know that everything is taken care of, providing you with complete peace of mind.
If you are interested in finding out more, just get in touch and we'll be happy to explain how we can help you with your company secretarial services.