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There are 1.26 million companies registered in India and we only expect this number to grow. So, with a rise in the number of public organizations, the demand for professionals who can make their functioning smooth will also increase. And with every organization spreading its wings wider, there will be an even greater demand for company secretaries.
But what role does a company secretary play? Let’s find out!
What is the role of a company secretary?
Appointed by the directors of the company, a company secretary (CS) plays a crucial part in regulating the effectiveness of an organization.
The role of a company secretary is to be the supporting system of the company. They manage all legal, administrative, and any other tasks that are necessary for the company to stay afloat. Some of their responsibilities also include-
- Monitoring procedures and board policies.
- Coordinating the completion and dispatch of briefing material.
- Maintaining the existence of the company.
- Providing legal, financial and strategic advice when needed.
- Keeping up to date with regular or statutory changes in policies that may affect the organization.
There are many more responsibilities you will have as a company secretary. This is why it’s important you have all the skills listed in this blog.
1. Attention to detail
One of the most important skills that a corporate secretary needs to have is a keen eye for detail. A CS that pays significant attention to detail can better handle the ins and outs of a business.
They job also requires them to have a strong understanding of all the projects being undertaken by an organization. This allows them to better pinpoint the minute details that make the big picture.
From operations to finance, an excellent company secretary will have no problems providing relevant and valuable information about the workings of the organization when asked.
2. Excellent organization skills
Company secretaries often need to create schedules, keeping in mind the requirements of the board of directors in the organization.
Additionally, a CS also facilitates the coordination of meeting logistics. These online, on-site or off-site meetings, must also cover the logistic, travel and accommodation details perfectly.
Company secretaries also need to organize notes, information, and details of meetings, and present them to concerned people when asked. Having a keen sense of organization allows them to effectively regulate and share the relevant details.
3. Consultancy skills
The role of a company secretary has significantly developed to blend with the role of senior corporate officers.
Senior corporate officers are primarily responsible for providing information on corporate governance concerns to a company’s board of director’s.
Hence, they need to have a keen knowledge and understanding of the executive management and stakeholders in a company. They require this information so they can present it to directors, and maintain a sustainable framework of governance.
If a corporate secretary is not aware of the information being asked, it is their responsibility to do the necessary research and find the right solution.
4. Note-taking and typing
Company secretaries are administrative professionals who often help document important meetings. As a result, they need to have excellent typing and note-taking skills. This allows them to make notes of essential takeaways and information during an important meeting.
They should also know how to compile these notes into a clear and structured email format that can be shared with all parties concerned. Knowing how to use shorthand can be an excellent way for a company secretary to keep up with the discussion and prevent the missing of important information.
5. Knowledge of legalities
A CS is primarily responsible for ensuring that an organization is meeting all necessary legal obligations. They, therefore, need to know and understand the regulatory and statutory requirements set by bodies, such as the accounting and corporate regulatory authorities.
- The filing of annual accounts as per schedule.
- Changing articles of association and memorandum.
- And ensuring that shares, transfers, notices, and company registers are updated on time.
To perform and complete the above tasks, secretaries need to have a keen understanding of the provisions and laws of governing companies.
6. Skills for financial analysis
Company secretaries do monitor and regulate the functioning of an organization. However, they are also required to have above-average knowledge of financial analysis. As a result, there are a number of public accountants who qualify for the role of a company secretary.
Financial analysis skills come into significant use when you’re-
- Cross-checking the details on tax assessment.
- Supervising different share allotments.
- Sharing insights on financial statements.
7. Critical thinking skills
Corporate secretaries may sometimes need to make critical decisions in dire circumstances. They may also face challenges that require innovative and logical solutions during an organization’s growth.
So, a CS needs to come up with novel solutions and design strategies to improve and streamline the efficiency of different processes after analyzing problems critically.
8. Customer servicing skills
Company secretaries are often required to reach out to customers and clients to answer certain questions, and relay important information. To be able to work with different clients and customers, a CS needs to be patient, courteous, and professional.
A company secretary often represents the organization when interacting with clients. Therefore, communicating politely and professionally while solving questions and gathering information is a key skill that one needs to have.
- Company secretaries are among the most sought-after professionals in the corporate world.
- There is a wide range of skills that a CS needs to display in order to maintain effective and smooth functioning of a company.
- Skills such as communication, organization, legal and financial skills can help perform their role effectively.
- The right abilities and knowledge can help company secretaries complete their responsibilities with professionalism.
Q1. How do I become a company secretary?
Answer – There are 3-4 year undergraduate company secretary programs that you can opt for after the completion of your 10+2 examinations.
Q2. What is the minimum salary of CS?
Answer – A company secretaries salary ranges between INR 3 lakhs per annum to INR 16 lakhs per annum depending on expertise.
Q3. Is shorthand essential for a company secretary?
Answer – While shorthand is not an essential skill for a company secretary, learning the same can promote excellent note-taking abilities.
We hope you enjoyed reading this blog. And if you have any questions, drop them in the comments below. You can also get in touch with us now!