It was once a requirement for private limited companies to have both a director and a company secretary. These days having a company secretary is optional for private companies. A public limited company still must appoint a suitably qualified company secretary.
What are the requirements of a company director?
Company directors are responsible for the management of the company. It’s their job to ensure decisions are made in the best interests of the company.
They’re also responsible for meeting any legal obligations, and making sure the company doesn’t miss deadlines. This includes submitting the correct statutory on time, such as the annual accounts and tax returns.
What does a company secretary do?
A secretary is often responsible for the timely submission of relevant documents. They also tend to give notice of company meetings, including the Annual General Meeting. Other duties may also fall to the company secretary, such as payroll duties.
Who can be a company secretary?
There were originally restrictions that means sole directors were unable to act as company secretary for their private company. This is no longer the case for sole directors.
Anyone can be a secretary in a private company, though it’s the directors’ responsibility to choose someone with knowledge and experience for the job.
In public companies the company secretary must be someone with a professional qualification, such as an accountant or solicitor.