One of the conditions after the incorporation of a company is the appointment of a corporate secretary. The failure of various corporate companies internationally due to various scams and poor management forced many countries to include the appointment of one or more corporate secretaries in the companies act. In Singapore, section 88 of the Companies Act 2014 requires directors of a company to appoint a secretary with the right experience, professional and academic qualifications. Business owners can consider looking for Singapore corporate secretarial services that can fulfill this role and help with all that is required.
The Corporate Secretary Maintains the Statutory Registers
One of the penalties companies face from the Accounting and Corporate Regulatory Authority (ACRA) is the failure to make and maintain updated statutory registers. Some of these registers include the list of shareholders, register of members, and the charges. Companies undergo changes often, and a record of these changes need to be kept for future reference. If there is a need to update these changes in the records held by ACRA, the corporate secretary is tasked with the responsibility of sending in the notification and updates.
Custodian of the Company Seal
The company seal needs to be kept by the corporate secretary. Besides being the custodian, it is only the corporate secretary who can use it on documents that require the seal. When a report has the company seal, it means the management, directors, and even the company board agrees with the content in the documents. The seal also shows that the documents are authentic. This is why the safety of the seal needs to be in the hands of the company secretary. It is also to show the difference between actual company documents from counterfeits.
Sending Notifications for Meetings and Setting the Agenda
Sometimes information can be distorted if it comes from different sources. Therefore, the communication of upcoming meetings and the agenda comes from the corporate secretary. Incorporated companies are required by the Singapore law to hold at least one Annual General Meeting (AGM) with shareholders. This meeting is to keep the members updated of the status of the business in a bid to ensure there is transparency and legitimacy of any meeting held by the company by taking the minutes and maintaining the records.
Ensure the Company and Directors follow the Company’s Constitution
Corporations, especially those with many structures, sometimes get caught up in unpleasant situations because some of the acts and deeds did not comply with the company’s constitutions. Some of these unfortunate decisions are usually made out of negligence or insufficient knowledge. One of the duties of a corporate secretary is to ensure the company and Directors adhere to the constitution.
Prepare the Company’s Accounts and Statements
The corporate secretary is required to follow up with the company’s accountants and auditors to ensure the company’s accounts are prepared as laid out in the company’s laws. The secretary will then file the statements with the registrar. If required, the financial statement can be published in the local papers and other mediums of communication to ensure the shareholders have access to the information.
Although appointing a corporate secretary is a requirement, it is essential to get one that is professional and hardworking enough to meet the demands of the company. If need be, more than one corporate secretary can be appointed, especially for larger corporations.