Challenges Faced by Company Secretaries During Coronavirus & Lockdown Period
Company secretaries play a crucial role in ensuring the smooth operations of a company, especially during challenging times like the COVID-19 pandemic and lockdown. They face various obstacles such as uncertain economic conditions, managing low income, adapting to virtual meetings, maintaining professional standards, coping with technological changes, and ensuring effective records and administration. Despite these challenges, company secretaries continue to uphold their responsibilities diligently.
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Presentation Transcript
OVERVIEW OF IDEA . CHALLENGES FACED BY COMPANY SECRETARIES DURING CORONAVIRUS & LOCKDOWN PERIOD
WHO IS COMPANY SECRETARY? A Company Secretary as a professional certifies and verifies the truth worthieness of the affairs of a Company . He delivers strategic leadership ,acting as a vital bridge between the Executives and the Board of Directors to facilitate the objectives of the Organisation . In India, "The Institute of Company Secretaries of India" (ICSI) regulates the profession of company secretaries . ICSI is a statutory professional body which has more than 50,000 associate members
ROLES OF COMPANY SECRETARY? The Company Secretary is responsible for conducting the Board of Director's Meeting and preparation of Annual Performance Report on the advice of Directors of the company. He also issues notice and agenda of board meetings to every director of the company and records the minutes of the proceedings of the meetings of the directors. Company Secretary files the documents with the registrar of companies. Not only internal board Meetings, but Company Secretary also hold the Share Holder's meetings which is one of the important jobs of a Company secretary. If the company is a public limited company, the Job is more challenging as there will be thousands of public who are the share holders of the company. Company Secretary should be the linking factor for shareholders and Company Management. He is the in charge of Public Grievance Redressal committee.
CHALLENGES Entire world is facing lots of challenges due to COVID -19 and lockdown, here are some of the challenges faced by company secretary. * The future of the economy corporate business looks uncertain . *Managing business through low income set another challenge for a company secretary.
* Mode of operations has changed, ealier Board of meeting and many other meetings were conducted physically now it is done virtually. * Maintaining the higher standards and quality in professional and ethical conduct at this circumstances is the biggest challenge. * Cope up with the change in technological environment to make a mark in the corporate industry set another limit in the operations . * Meetings are effectively organized and recorded is a challenging part at this time. * Maintaining effective records and administration.
*Maintaining legal requirements concerning administrative documents ,charity law, company law and so on is quiet difficult. *Serving as the hub for correspondence and communication between management and employees and suppliers is a difficult task in this circumstances.
SOLUTION 01 02 03 Minimizing distance through virtual means Usage of digital technology for business meetings. Webinars are being conducted on different topics for developing new skills
OPPORTUNITIES * During lockdown many opportunities were also generated like to update ourselves and also to explore the new areas. * During lockdown more than 20,000 companies were incorporated and company secretaries have been involved in that because company secretary profession is related to compliance and definitely every organization needs to do compliance. *Company Fresh Start Scheme give benefits to CS in practice. *Most of the technological changes are positive and the wise use of technological advances can further improve the presence of Companies Secretaries in among Corporates
CONCLUSION We must accept the finite disappointment, but never lose infinite hope said by Martin Luther King . COVID-19 has brought many challenges and threats but it also opened up the doors of new opportunities as well .We must focus on new emerging and untouched areas to increase the presence of CS profession. Increasing market presence is an only aid to remain ahead in the present and future competition.
THANK YOU Name: SADIA MIRZA Stage: FOUNDATION Reg no: 219997674707/2019
