The president of the Institute of Company Secretaries of India said in a recent statement that the demand for company secretaries is growing. The Indian economy is experiencing growth with an upsurge in the USD. The experts believe the economy will grow to USD 5 trillion and 10 trillion by 2026 and 2030. The demand grows with the years moving forward. The demand for professionals will be 95000 by 2030. And the same demand rise to 1.4 lakh by 2047. The economy is growing with government infrastructure and capital inflow from international investors.
Words of the ICSI president:
Company secretaries work for ethical conduct and effective boardroom processes. Company secretaries focus on the compliances which contribute to the financial ecosystem. Company secretaries are the guardians of boardroom practices, transparency and disclosures with accurate statements to the stakeholders. Narasimhan, ICSI president, said that the international conferences provide insight into global compliances and increase the capabilities of CS professionals. ICSI president stated that the company secretaries are the representatives of the capital market and handle the compliances of unlisted and listed companies. Now after the period of COVID-19, the economy is experiencing accelerated growth. India is giving international and Indian investors a fair rate of return. India is the destination for foreign investors to invest through foreign direct investments.
ICSI two-day conference in Singapore
The theme is to promote good corporate governance and foster growth. The theme is building resilient and sustainable economies. The conference and the ideologies of the professionals are crucial for Singapore and India. Dr Shipak Ambule spoke about the role of India in the global platform. The international conference saw a group of 100 delegates representing ICSI. The online event was logged in by more than 3000 professionals. The initiatives of ICSI are beyond the boundaries. The initiatives are to strengthen the basic structure. The date of the program is the 5th of April and the 6th of April. The fee for ICSI members or partner organisations is 250 Singapore dollars. The fee for ICSI students is 200 Singapore dollars. The fee for the general public is 325 Singapore dollars. The members receive a structured CPE credit of eight. The fee is inclusive of tea, two lunches and literature.
The program happens at Orchard Hotel, Singapore. India is the fastest-growing economy. The rise of the south direction and the development of the entire south East Asia are the purpose of the conference. The third international conference of ICSI is at Lion City, Singapore. The conference covers the landscape of corporate governance and the road towards the future. The sharing of knowledge is the starting point of growth. The stakeholders focus on the goals and drive the organisational culture towards development. The theme of the topic digs deep into the unconventional developments and trends of 2024. The program sheds light on the past and future of the company secretaryship profession.
The demand for company secretaries in Singapore:
In Singapore, the company secretaries contribute a potential share to the growth. A professional is eligible to work in Singapore as a company secretary after receiving the resident status. The professionals with entry passes also work as company secretaries in Singapore. A company secretary working in a Singapore company has a membership of the Singapore Association of the Institute of Chartered Secretaries and Administrators and the Institute of Singapore Chartered Accountants. Company secretaries take care of the statutory register, annual returns, and board meetings, check compliances, check the insurance coverage of the employees and business, advise the managing directors and communicate with stakeholders. Company secretaries act as a point of contact in the companies. Singapore law states that it is mandatory to appoint a company secretary within six months of registration. Company secretaries fill the gaps, reduce expenses, provide valuable advice, maximise professionalism, and improve quality standards. Company secretaries working in Singapore understand the company structure, trade relations, ESG policies, CSR activities and legal system in the country. The board and professionals working as company secretaries play a vital role in corporate management. The roles and responsibilities of company secretaries by default explain the demand in Singapore.
The demand for company secretaries in India:
Job portal data shows that the demand for company secretaries is high but the supply is low. In a large-scale company, the compliances are large in numbers. The companies with a paid-up share capital of more than 10 crore must have a company secretary. The designation of a company secretary varies according to the job role. The designations are company registrar, assistant to the board of directors, legal advisor, chief administrative officer, corporate policy maker, and corporate planner, principal secretary, managing director, chairman, administrative secretary, contents coordinator and relationship manager of capital markets.
The registrar of companies charged a penalty of 21, 00,000 to First Data Private Limited. The company delayed the appointment of the company secretary. The appointment was after 66 months of the due date or appointment. Similarly, Khed Developers Limited operates in the state of Maharashtra. The company is reporting a delay in the appointment of the company secretary. The old company secretary resigned from the job on 209. The new appointment due date is August 2020. These cases show the value of company secretaries in the corporate world.
Bottom line:
Recently, ICSI and IMA signed a memorandum of understanding. The MOU helps to bridge the competencies and create skilled professionals from a renowned institute. The partnership helps to share common areas of interest between professionals working at the global level. The finance minister said in a statement that the company secretaries should rededicate themselves to the compliance of the corporates. The international and domestic demand shows that it is the right time for company secretaries to think beyond conventional opportunities.
