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Question
Explain the following Term/Concept:
Company Secretary
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Solution
(1) Secretary is an employee of the company enjoying powers to aid and advise the management. He must be an individual and a member of the Institute of Company Secretaries of India (ICSI). He is a statutory officer, a co-ordinator, and an administrative officer of the company. He is a full-time principal officer of a company. The first secretary of a company is appointed by the promoters of the company. He is called as “Pro tem Secretary". The formal appointment is done by the Board of Directors by passing a board resolution to that effect. This resolution mentions the remuneration and allowances payable to a secretary.
(2) Secretary acts as the agent of the Board and helps the Managing Director to execute the plans and policies of the company. He is responsible for the secretarial work and efficient administration of the company. The Secretary forms part of the bottom level management. He is considered to be the eyes, ears, and hands of the company.
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