Do you need to appoint a company secretary?

The simple answer is yes.

It is a legal requirement under the Companies Act of Singapore to appoint a company secretary. A company secretary, one like us plays a vital role in providing advisory for corporate law and governance for companies and by combining legal, administrative, and strategic responsibilities, this position acts as a bridge between the directors, shareholders, and regulatory authorities.

Below are some of the key roles and responsibilities of a company secretary:

1. Statutory Compliance: A company secretary ensures compliance with statutory obligations and regulatory frameworks. They handle the preparation and submission of necessary documents to regulatory authorities, such as annual returns, financial statements, board and shareholders’ related resolutions, and other related statutory matters. In other words, their expertise helps companies navigate legal requirements effectively.

2. Board Support: Company secretaries assist the board of directors in fulfilling their roles and responsibilities. They provide guidance and support by organizing board meetings, preparing agendas and minutes, and ensuring the board is well-informed on matters relevant to corporate governance and compliance.

3. Communication and Disclosure: Company secretaries act as the primary point of contact for stakeholders, shareholders, and regulatory bodies. They facilitate communication, ensuring accurate and timely dissemination of information. This includes managing company records, providing necessary disclosures, and maintaining compliance with disclosure requirements.

4. Regulatory Risk Management: As company secretaries are expected to be conversant with company law and regulation, company secretaries help identify and mitigate regulatory risks. By staying updated with legal developments, they ensure the company is compliant with changes in legislation and minimize and potential legal risks or liabilities.

5. Corporate Ethics and Standards: Company secretaries play a vital role in upholding corporate ethics and internal standards. They contribute to the development and implementation of corporate policies, ensuring compliance with legal and ethical guidelines. Their presence helps maintain transparency and accountability within the organization.

In conclusion, appointing a company secretary is not just a legal requirement; it is a critical step towards ensuring regulatory compliance, safeguarding stakeholders’ interests, and maintaining sound corporate governance. Their expertise in handling statutory obligations, managing communication, and mitigating legal risks makes them indispensable for professional service providers.

 If you needed to appoint one, visit us here!

18 December 2023