The Expanding Scope of Company Secretary in Future

The role of company secretary today has become much wider than that of the past and in the future it will be much more varied as companies undergo rapid transformations in the corporate environment. The new era of governance requires a company secretary who, in addition to ensuring regulatory compliance, has a strategic role in corporate governance, digital transformation, and board advisory.

1. Compliance Officer to Governance Partner.

In the past, a company secretary was considered the compliance muscle- man in- charge of statutory reporting, company records, board minutes, and compliance with the Companies Act 2016.

In future however this role would be widened to incorporate:

• Strategic advice to the board and the management.
• Improving transparency and governance levels.
• As a major linkage between directors, shareholders, and regulators.
• Facilitating risk management and digital compliance.

The company secretaries will be required to carry with them an intensive knowledge of corporate governance, taxation and employment legislation besides being able to interpret the practical implication of these laws on the board.

2. Adopting Digital Transformation and Technology.

The future ready firm secretary should be technologically available. Technology has taken over as an important aspect of secretarial work with the emergence of cloud storage, digital signatures, and virtual meetings.

Some of the important technology adaptations are:

• Electronic and digital signatures on the execution of secure documents.
• Record management in the cloud to guarantee data accessibility and data recovery.
• Online board meetings and decision-making remote working tools.
• XBRL financial disclosure reporting systems.

These online tools allow the secretaries of companies to be more effective and still meet the statutory deadlines in spite of remote or hybrid work arrangements.

3. Making the expansion to Advisory and Training Roles.

Consulting and training services will also be another aspect of company secretary in future. With the rise in complexities in governance in organizations, chartered secretaries are able to contribute value to the company by:

• Director advisory services: Legal, regulatory, and ethical advice to the directors.
• Management and board member training.
• Creating good board resolutions and minutes.
• Offering advice on organizational designing, mergers and buy-outs.

Through these value-added services, the secretaries of the company are also enhancing the company governance culture and decision-making structure.

4. Ethics, Integrity and Confidentiality.

Company secretaries have a great burden since they are the custodians of corporate records and strategies. Future practitioners in this field should still be ethical, self reliant and confidential.

They must ensure:

• Everything is conducted under the transparent and legal procedures.
• Confidential data is safely kept.
• Compliance and corporate responsibilities are enlightened to directors.

A knowledgeable and ethical company secretary does not only safeguard the company, but it also increases the image and trustworthiness of the company.

5. Preparing to Embrace the Future of Work.

The new post-pandemic world has changed the workplace expectations. The next generation secretary of the company will have to negotiate working remotely, international cooperation and digital governance.

The major trends that influence the profession are:

• Online board meeting and hybrid governance.
• Growing attention to sustainability and ESG (Environmental, Social and Governace) reporting.
• Constant professional growth and CPD (Continuing Professional Development) learning.
• Increased use of automation to document and data management.

Being flexible, the company secretaries are able to be the relevant and valuable co-creators of corporate success.

At HL Khoo Group, we help companies navigate these changes with professional corporate secretarial support, built on compliance, governance, and integrity.

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