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Company secretarial services are important and necessary for the success and growth of any company. The role of the company secretary encompasses all areas of a company’s activities, depending on the size and nature of the company. These activities can be divided into three categories, i.e. the board - the company secretary should ensure that proper board procedures are in place and are adhered to, the company - the company secretary should ensure the company’s compliance with relevant legislation and codes of conduct and the shareholders - the company secretary is generally the primary point of contact for shareholders and institutions. Corporate Governance is the system of rules, practices and processes by which a company is directed and controlled and it provides a framework for attaining a company's objectives. The UK Corporate Governance Code is a guide to best practice which listed companies should comply with. The Code works on the basis that either companies comply with the rules or explain to shareholders why they have not. It was first issued in 1998 as the Combined Code and has been updated regularly. The UK Corporate Governance Code includes guidance on the role of the board, the chairman, composition of the board, appointments to the board, financial and business reporting, re-election, risk management and internal control, the level and components of remuneration, dialogue with shareholders and procedures. As the importance of effective corporate governance continues to be critical and has been regularly changing, there has been increased focus on the role of the company secretary. The company secretary is responsible for governance and should ensure that the principles of the Code are carefully considered and applied as appropriate. The board of directors sets the company’s aims and has a responsibility to provide the leadership to put these into effect and to supervise the management of the business. The financial aspects of corporate governance are identified as the way in which board sets financial policy, oversees its implementation and the process of reporting to the shareholders on the activities and development of the company. The company secretary has a key role to play in ensuring that board procedures are both followed and regularly reviewed and should be aware of the guidance that needs to be followed by the board and the directors. All directors should have access to advice and services of the company secretary. The company secretary should ensure effective functioning of the board and it is usually compulsory for the company secretary to administer, attend and prepare minutes of board meetings in larger and listed companies. Wisteria Chartered Accountants, Tax and Business Advisers provide a variety of services for companies and individuals. For company secretarial services, accounts or tax advice, please contact us on 0208 952 0140 or email [email protected].
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