As a successful PLC, there’s a whole host of responsibilities and requirements which go hand in hand with the prestige of being a public company.
These compliance requirements can sometimes be difficult to manage and if not handled efficiently, can very quickly interfere with the day to day running of the business itself.
As a director your focus may well be on delivering results and performance yet corporate governance is an area which can directly impact on the success of a company. Rather than squeezing it aside, making use of a company secretarial package especially tailored to PLC’s can be a great way to make sure everything is covered without compromising business as usual.
We take a look at some of the services on offer from company secretarial providers.
Working on a Retainer
Possible the most flexible way to provide expert advice and assistance when you need it, a retainer allows a company secretarial service to deliver the help when you need it; an almost instant standby.
As a fast-moving and professional outfit, you may well find there are times when demand outstrips your capacity, or your business is decimated by unexpected absence. Having expertise on tap means you can access extra resources, ready and waiting to lend a hand.
This type of working agreement allows you to take maximum advantage of the company secretarial services and sets up a good basis to build on for extra projects too.
Corporate Governance
Almost a swear word in some circles, corporate governance is an often-neglected part of a company’s set up, yet has the potential to deliver the maximum performance in all aspects of the business.
Using a company secretarial service, you will be able to implement robust risk mitigation controls which in turn, will empower your staff to embrace responsibility, free from any unnecessary red tape. Delegation and communication are vital parts of every successful business but it’s essential to balance this with risk. Having the right authority levels, processes and controls in place allows you to enjoy the best of both worlds.
A good secretary is a vital asset to a company.
Companies who have strong corporate governance processes in place consistently outperform their peers who don’t and a company secretarial service can provide you with advice, guidance and assistance to either implement or develop yours to its full potential.
Support for the Board
Whilst corporate governance is an essential part of any successful business, there’s lots of other matters which the board has to attend to.
Meetings can either be an effective use of time or a complete waste of resources so it’s important to get them right. But planning and running meetings properly is a skill that can be hard to master. This is exactly why it can be a good idea to use a company secretarial service to improve the quality and make sure results are delivered.
The best way to do this is proper preparation in advance, with briefing notes circulated, minutes taken during the meeting as well as assistance during it to ensure all discussions stay on track and relevant. Post-meeting, delivering notes and actions points for follow-up is an essential in order to make sure momentum isn’t lost.
Company secretarial services (like http://www.elementalcosec.com/) can provide lawyers and chartered secretaries to help with both everyday and technical matters, easing the administrative burden as well as offering practical advice on subjects such as terms of reference, schedule of reserved matters, the board annual plan and also any potential conflicts of interest.
These type of services are particularly critical for an AGM, a time which is of utmost importance for a plc. Engaging shareholders, building relationships and managing communications can be pivotal to the success of a public company so getting it right is vital.
As well as lessening the load on in-house secretariat services, a professional company could also help a PLC to comply with industry guidelines on how to run an AGM, including voting and participation of shareholders. Whilst not legally binding, organisations such as the Association of British Insurers and the National Association of Pension Funds both issue guidelines for PLCs, and failing to follow the recommendations can significantly affect the voting at an AGM.
It can be difficult to stay up to date with technical areas of best practice, especially when you are focused on the day to day running of the company. By bringing in an expert secretarial firm to help out, you will immediately have access to advice from highly experienced and knowledgeable professionals who will be up to date on all industry legislation and requirements.
Conclusion
Whilst it’s always a good idea to hold the core of any business in-house, as a PLC there are lots of considerations which must be fulfilled. This can make it difficult at times to carry out business as usual. Having access to technical and expert guidance is also another critical need, and one which can make or break future success. Company secretarial offerings can cover all of these needs and more, supplementing the in-house expertise and know-how with objective and technical guidance, as well as also simply providing an extra pair of experienced hands during busy times.