Company secretaries are essential to the good governance of any company, but the nature of their work means they often stay out of the limelight. <\/p>\n\n\n\n
\u201cIt’s like being a referee in a football game\u201d one source told us; \u201cnot being noticed is a good thing.\u201d<\/p>\n\n\n\n
A company secretary is a corporate governance professional specialised in ensuring a company and its board stays in compliance with statutory and regulatory requirements. <\/p>\n\n\n\n
Traditionally, external company secretaries were housed within corporate departments of law firms, operating as a value-add to the transactional team. Chambers\u2019 new ranking in this area illustrates the extent to which non-law firm providers of company secretarial services have come to represent a more favourable choice for clients seeking to outsource some or all of their company secretarial work.<\/p>\n\n\n\n
Our inaugural company secretary ranking includes alternative legal service providers, professional services giants who provide governance and entity management support as part of a wide suite of services, and independent boutiques, some founded by former City lawyers.<\/p>\n\n\n\n
For many of these ex-corporate lawyers we spoke to, creating their own boutique represented a means to provide a better focused, more economical service. One founder noted \u201cDoing it part of a law firm, [company secretarial] was a bit of an add on. It was difficult to get resources.” <\/p>\n\n\n\n
Clients we spoke echoed the advantages in working with a specialist team. For many, an outsourced provider offered capacity and insight that would be difficult to implement inhouse: \u201cWe like the flexibility. We don’t have to rely on one person. Having them gives really good insights into changes into corporate governance, ESG and reporting.\u201d<\/p>\n\n\n\n
Cost-efficiency was seen as a particular benefit for those with smaller inhouse legal teams. One client commented \u201cFor a start-up, it is much cheaper than employing someone. You can use them a little or as much as you want.\u201d<\/p>\n\n\n\n
It was not only in-house lawyers who see the benefit of outsourcing, increasingly law firms feel their clients\u2019 company secretarial work is better handled by trusted third party providers. One firm we spoke to said “[Company Secretarial] wasn’t really a practical service line for us.” Regulatory risk and profitability were two key concerns: \u201cThe level of regulation and scrutiny is just increasing [\u2026] We can do it, but the cost is disproportionate to the profit we generate. Clients see it as something they don’t want to pay for, but the costs of getting it wrong can be very expensive.\u201d<\/p>\n\n\n\n
The final point is not lost on company secretaries. Governance professionals are acutely aware, as one interviewee put it, when it comes to corporate compliance \u201csmall things cause big problems\u201d. Indeed, the move toward more specialised providers falls against a backdrop of an increasingly strained regulatory environment. <\/p>\n\n\n\n
For those in the UK, the Economic Crime and Corporate Transparency Act 2023 (ECCTA) implemented a raft of new demands and the ability for Companies House to impose civil fines. A number of interviewees indicated to us the ECCTA adds to the imperative to seek out governance specialists. The changes have made company secretary \u201can even more scrutinised and important role\u201d, according to one. Another noted it \u201cadds to complexity and risk, and the skill required to navigate through shifting sands.\u201d <\/p>\n\n\n\n
With the role of the company secretary becoming ever more important, it is essential to choose trusted advisers. Chambers\u2019 NewLaw company secretarial table highlights the best in the market. <\/p>\n\n\n\n
If you are a company secretarial provider in any jurisdiction and would like to get involved with the Chambers research process, we would be very interested in hearing from you. Please direct any questions about Company Secretary to George.wooff@chambers.com<\/a>. <\/p>\n\n\n\n \u00a0<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","categories":[],"tags":[],"publication":[],"blocks":[{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n Company secretaries are essential to the good governance of any company, but the nature of their work means they often stay out of the limelight. <\/p>\n","innerContent":["\n Company secretaries are essential to the good governance of any company, but the nature of their work means they often stay out of the limelight. <\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n \u201cIt's like being a referee in a football game\u201d one source told us; \u201cnot being noticed is a good thing.\u201d<\/p>\n","innerContent":["\n \u201cIt's like being a referee in a football game\u201d one source told us; \u201cnot being noticed is a good thing.\u201d<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n A company secretary is a corporate governance professional specialised in ensuring a company and its board stays in compliance with statutory and regulatory requirements. <\/p>\n","innerContent":["\n A company secretary is a corporate governance professional specialised in ensuring a company and its board stays in compliance with statutory and regulatory requirements. <\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n Traditionally, external company secretaries were housed within corporate departments of law firms, operating as a value-add to the transactional team. 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Chambers\u2019 new ranking in this area illustrates the extent to which non-law firm providers of company secretarial services have come to represent a more favourable choice for clients seeking to outsource some or all of their company secretarial work.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n Our inaugural company secretary ranking includes alternative legal service providers, professional services giants who provide governance and entity management support as part of a wide suite of services, and independent boutiques, some founded by former City lawyers.<\/p>\n","innerContent":["\n Our inaugural company secretary ranking includes alternative legal service providers, professional services giants who provide governance and entity management support as part of a wide suite of services, and independent boutiques, some founded by former City lawyers.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n For many of these ex-corporate lawyers we spoke to, creating their own boutique represented a means to provide a better focused, more economical service. One founder noted \u201cDoing it part of a law firm, [company secretarial] was a bit of an add on. It was difficult to get resources.\" <\/p>\n","innerContent":["\n For many of these ex-corporate lawyers we spoke to, creating their own boutique represented a means to provide a better focused, more economical service. One founder noted \u201cDoing it part of a law firm, [company secretarial] was a bit of an add on. It was difficult to get resources.\" <\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n Clients we spoke echoed the advantages in working with a specialist team. For many, an outsourced provider offered capacity and insight that would be difficult to implement inhouse: \u201cWe like the flexibility. We don't have to rely on one person. Having them gives really good insights into changes into corporate governance, ESG and reporting.\u201d<\/p>\n","innerContent":["\n Clients we spoke echoed the advantages in working with a specialist team. For many, an outsourced provider offered capacity and insight that would be difficult to implement inhouse: \u201cWe like the flexibility. We don't have to rely on one person. Having them gives really good insights into changes into corporate governance, ESG and reporting.\u201d<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n Cost-efficiency was seen as a particular benefit for those with smaller inhouse legal teams. One client commented \u201cFor a start-up, it is much cheaper than employing someone. You can use them a little or as much as you want.\u201d<\/p>\n","innerContent":["\n Cost-efficiency was seen as a particular benefit for those with smaller inhouse legal teams. One client commented \u201cFor a start-up, it is much cheaper than employing someone. You can use them a little or as much as you want.\u201d<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n It was not only in-house lawyers who see the benefit of outsourcing, increasingly law firms feel their clients\u2019 company secretarial work is better handled by trusted third party providers. One firm we spoke to said \"[Company Secretarial] wasn't really a practical service line for us.\" Regulatory risk and profitability were two key concerns: \u201cThe level of regulation and scrutiny is just increasing [\u2026] We can do it, but the cost is disproportionate to the profit we generate. Clients see it as something they don't want to pay for, but the costs of getting it wrong can be very expensive.\u201d<\/p>\n","innerContent":["\n It was not only in-house lawyers who see the benefit of outsourcing, increasingly law firms feel their clients\u2019 company secretarial work is better handled by trusted third party providers. One firm we spoke to said \"[Company Secretarial] wasn't really a practical service line for us.\" Regulatory risk and profitability were two key concerns: \u201cThe level of regulation and scrutiny is just increasing [\u2026] We can do it, but the cost is disproportionate to the profit we generate. Clients see it as something they don't want to pay for, but the costs of getting it wrong can be very expensive.\u201d<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n The final point is not lost on company secretaries. Governance professionals are acutely aware, as one interviewee put it, when it comes to corporate compliance \u201csmall things cause big problems\u201d. Indeed, the move toward more specialised providers falls against a backdrop of an increasingly strained regulatory environment. <\/p>\n","innerContent":["\n The final point is not lost on company secretaries. Governance professionals are acutely aware, as one interviewee put it, when it comes to corporate compliance \u201csmall things cause big problems\u201d. Indeed, the move toward more specialised providers falls against a backdrop of an increasingly strained regulatory environment. <\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n For those in the UK, the Economic Crime and Corporate Transparency Act 2023 (ECCTA) implemented a raft of new demands and the ability for Companies House to impose civil fines. 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Chambers\u2019 NewLaw company secretarial table highlights the best in the market. <\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n If you are a company secretarial provider in any jurisdiction and would like to get involved with the Chambers research process, we would be very interested in hearing from you. Please direct any questions about Company Secretary to George.wooff@chambers.com<\/a>. <\/p>\n","innerContent":["\n If you are a company secretarial provider in any jurisdiction and would like to get involved with the Chambers research process, we would be very interested in hearing from you. 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