The responsibilities of corporate secretaries have evolved exponentially in the past few years in Malaysia. They are no more viewed as the admin helpers that they used to be before. Corporate secretaries are now viewed as something extremely important and needed to ensure that the company runs smoothly. Corporate secretaries are now constantly relied upon by the rest of the office and the management.
Being a corporate secretary nowadays is not easy and there are so many roles and duties of a company secretary that a lot of people do not know about. That is what we’re getting into today, learning more about the roles and responsibilities of a corporate secretary in Malaysia.
Role 1 : Understanding Your Company
Firstly, any corporate secretary that you hire, needs to first and foremost, learn how your company operates. Not only that, they would also need to dig deep in the organisation of the company to fully understand all the moving pieces in the company. This is the only way that the corporate secretary will be able to grasp the extent of your company fully. The role of the secretary is an important one and if they do not understand all the ins and outs of the company, it might become a disastrous mess.
How To Ensure They Understand Your Company?
One of the few things you can do to kickstart their involvement in your company is to have an onboarding process with them. This is similar to when a new employee joins your company. Of course you can skip all the HR policies and the more detailed stuff but ensuring that they know who chairs the meetings and how the finance team is run is important to make sure that they do their jobs right.
Role 2 : Ensure Compliance with Governmental Statutory Requirements
Your company secretary is there to assist your Sdn. Bhd. company and the secretary is there to be the official liaison officer. They are the bridge between your company and the Companies Commission of Malaysia or more commonly known as Suruhanjaya Syarikat Malaysia. When you hire your secretary, you will contract them to help you with preparing and submitting your statutory returns to SSM under the statute Malaysia’s Companies Act 1965.
Role 3 : Attend Meetings And Prepare Minutes and Resolutions
A corporate secretary is also required to attend Board meetings or general meetings when needed to ensure that there is a neutral party taking minutes. They are also there to attend to Board Members at the office and is also required to provide advice to the members of the company as well as the in-house company secretaries.
They are also required to prepare resolutions by way of circular resolutions if needed by the Board or its members. One of the other main roles of a company secretary is to prepare and also file the Annual Returns of the Company to SSM.
Role 4 : To Be An Advisor To The Company’s Secretaries
As a general term, corporate secretaries are there for general advisory services to make sure that records are kept properly. This is all in accordance with the current legislation in Malaysia.
Role 5 : Miscellaneous Support Services
Here are some of the other random support services that you would expect your corporate secretary to work on :
- Transferring of company shares, certificate splitting for shares, as well as creating duplicated copies of share certificates.
- Creating documents and authorising change in name of the company or change in directors.
- Certification of Documents
- Preparation of official documents required under the Companies Act 1065.
While we’re on the topic of preparation of official documents required by SSM, there is a new tool called the Malaysian Business Reporting System that requires all companies to start reporting their annual returns and etc on the system. However, since this system is still new, SSM needs to ensure that everyone gets some time to learn how it works.
Register now for one of our introductory courses to the MBRS tool and be on top of your game.