Evolution of Company Secretaries as Key Governance Professionals
Company Secretaries (CS) have evolved into key governance professionals, providing valuable services in corporate governance, financial market services, and management services. Recognized as Key Managerial Personnel, CS play a crucial role in ensuring compliance with laws, corporate governance, and secretarial standards. They also serve as GST practitioners and insolvency practitioners, showcasing the diverse competencies required in this profession.
- Company Secretaries
- Governance Professionals
- Compliance
- Corporate Governance
- Key Managerial Personnel
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BENEFITS OF CS as a profession BY SHWETA DHADWAL REG NO.: 240158740/09/2013
A CS IS A PERSON WHOM 1. Every Board Member Values 2. Who understand and have knowledge of the laws and ensure their compliance by the corporations The Company Secretaries are rendering value added services to the trade and industry and are acting as extended arms of the regulatory mechanism
CS as a profession has transitioned from just a support person to a key governance role in the corporates. CS works in following areas: Corporate Governance and Secretarial works Financial Market Services Management Services
CS as a KMP Company Secretary has been recognized as Key Managerial Personnel along with the Chief Executive Officer/managing director/manager, whole-time director and Chief Financial Officer. Being Key Managerial Personnel, Company Secretary is required to be mandatorily appointed in every company belonging to such class or classes of companies as may be prescribed Functions of the company secretary have been codified in the Companies Act, which include:- 1. to report to the Board about compliance with the provisions of this Act, the rules made there under and other laws applicable to the company; 2. to ensure that the company complies with the applicable secretarial standards; 3. to provide to the directors of the company, collectively and individually, such guidance as they may require, with regard to their duties, responsibilities and powers; and 4. to assist and advise the Board in ensuring good corporate governance and in complying with the corporate governance requirements and best practices ; 5. other specified functions
CS in in secretarial works Secretarial Audit Every listed company and (a) every public company having a paid-up share capital of 50 crore rupees or more; or (b) every public company having a turnover of 250 crore rupees or more shall annex a Secretarial Audit Report with its Board s report given by company secretary in practice in Form No. MR-3;
CS as a GST Practitioner Company Secretaries being corporate legal experts can practice as a GST Practitioner under the indirect tax regime. GST has provided a great opportunity to a CS to appear as an authorised representative before any officer or department
CS as a Insolvency Practitioner The Companies Bill ,2011 proposes a large role of professional like Companies Secretaries in the process of revival, rehabilitation, and winding up of the Companies. These regulatory prescriptions will open new areas of practice for Companies Secretaries.
RIGHT TO LEGAL REPRESENTATION As per Section 432, A party to any proceeding or appeal before the Tribunal or the Appellate Tribunal, as the case may be, may either appear in person or authorize one or more:- Chartered accountants; or Company secretaries; or, Cost accountants; or, Legal practitioners; or, Any other person like officer of the company.
THE COMPANY SECRETARY 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
