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The Range Of Responsibilities Of The Company Secretary
The company secretarial role is varied and important in the successful administration of any limited company. The numerous tasks that they are required to complete are fundamental in successful communication and completion of statutory requirements. However, since the 6th April 2008 there is no longer a requirement for limited companies to make an appointment upon incorporation, leaving some of these duties neglected.
Board meetings
The organisation of regular board meetings is one of an extensive list of responsibilities held by the company secretary. Conducting a board meeting is an important way for decisions to be passed in the company, and keeping different informed on recent matters that are relevant to the business. Conducting a board meeting consists of two elements: arranging the board meeting and recording it. It is important that all directors and individuals who are entitled to attend receive notice regarding details of the meeting 14 days before. With regards to recording the meeting, there is a requirement for formal minutes to be written ...
... and signed by the individual chairing the meeting. This will then act as a record of the discussions that took place and decisions that we made, which can be requested by shareholders for reference.
Record-keeping and filing
There are a number of statutory obligations that need to be completed throughout the company’s financial year. A second set of ongoing duties relates to the record-keeping obligations that all companies are subject to. Limited companies in the UK are legally required to keep and maintain a company register, ensuring that information is accurate and up-to-date. In addition to continuous record-keeping, there is also a necessity to file accounts, returns and other statutory documents with Companies House. It is important that you are aware of the filing dates that are specific to your company.
Changes within the company
The position can be seen as important in allowing the company to efficiently make any changes, in addition to keeping it well maintained. For example, a limited company may look to transfer shares, whether voluntarily to change ownership or involuntarily due to death of a shareholder. In these circumstances, a stock transfer form must be filed with the relevant bodies. Completing this form involves declaring the details of the transfer: who is losing and gaining the shares, the value of the shares, as well as an authorisation signature.
Group companies
Finally, the company secretarial role can prove vital in the successful running of a group structure of companies. They are responsible for communications between subsidiaries and the holding company, helping maintain the structure and ensure administrative procedures are correct. There is often a high level of interdependence within such group structures, and therefore the coordinating role is pivotal.
Although a number of the important company secretarial duties have been highlighted here, it is important to note that the role is varied and flexible. The office can be as important in an advisory role to the directors, as they are in the administrative role of running the company.
Wisteria Chartered Accountants can help you and your business with any company secretarial needs.
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