The Company Secretary
- Acts as a vital link between the company and its Board of Directors, shareholders and other stakeholders and regulatory authorities;
- Plays a key role in ensuring that the Board procedures are followed and regularly reviewed;
- Provides the Board with guidance as to its duties, responsibilities and powers under various laws, rules and regulations;
- Acts as a compliance officer as well as an in-house legal counsel to advise the Board and the functional departments of the company on various corporate, business, economic and tax laws;
- Is an important member of the corporate management team and acts as conscience seeker of the company.
Company Secretary in Practice
- Many of the members of the Institute are in independent public practice.
- Under section 2(45A) of the Companies Act, 1956 “secretary in whole-time practice” means a secretary who shall be deemed to be in practice within the meaning of sub-section (2) of section 2 of the Company Secretaries Act, 1980 (56 of 1980) and who is not in full-time employment.
- Pursuant to section 203 of the Companies Act, 2013, every company belonging to the prescribed class of companies shall have the whole time Key Managerial Personnel (Company Secretary is one of them).
- As per rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every listed company and every other public company having a paid-up share capital of 10 crore rupees or more shall have whole-time key managerial personnel.
- As per rule 8A, a company other than a company covered under rule 8 which has a paid up share capital of 5 crore rupees or more shall have a whole-time company secretary.