Company Secretary: Roles and Functions

February 17, 2022 BlogFinancial

Company Secretary (CS) is one of the most important positions in the company. The secretary of certified business deals with the legal aspects of a for-profit company or individual. A Company Secretary’s roles and functions are to maintain and verify the company’s tax returns, to keep records, to advise the board on the company’s financial position, and to ensure that the company complies with legal and regulatory requirements. In order to professionalize the duties of a company secretary, it is necessary to complete professional training and take an examination.

The Institute of Company Secretaries of India regulates and maintains the profession of Company Secretaries. ICSI offers training and courses for many future corporate secretaries. Currently, the ICSI role has more than 50,000 members and approximately 4,000,000 students.

Company Secretary Roles and Functions:

  • Is a vital link between the company and its Board of Directors, Shareholders, Government and Regulatory Authorities and all other stakeholders
  • Ensures that Board procedures are followed and regularly reviewed and provides guidance to Chairman and the Directors on their responsibilities under various laws
  • Commands high position in the value chain and acts conscience seeker of the company
  • Organizing and conducting of Board, Board Committees and Shareholders / general body meeting;
  •  Advising the Board, Senior Management and business divisions on Compliance matters;
  • Independent interaction with independent directors on compliance and board related matters
  • Conduct training / knowledge sharing session to new Directors vis – a – vis their roles and duties
  • To benchmark with other companies of similar repute for improvisation in the secretarial process
  • Supporting corporate restructuring and acquisitions in the group
  • Updating the Sr. Management in latest developments in regulatory framework along with their impact and probable actions
  • Supporting implementation of board decisions of the group
  • Drafting and finalization of Annual Report and communications to stock exchanges and shareholders
  • Overseeing dividend repatriation
  • Overseeing shareholders grievances relating to duplicate, transmission and transfers of shares
  • Monitoring insider trading by employees /directors /connected persons and compliance thereto
  • Coordinating with Auditors on corporate secretarial matters
  • Preparation and vetting of documentation vis–vis Companies Act for directors
  • Monitoring related party transactions

– Balaji Prasad

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