The traditional company secretarial services in Cameroon were those of a clerk. This clerk offered company secretarial services in typing, running errands for the manager, director or chief Administrative Officer, and carrying files from office to office.
The 21st century has brought about a new evolution in corporate life and an ever-increasing competitive environment has rendered the office for the traditional company secretarial services in Cameroon obsolete. Hence a change in the dynamic of company secretarial services in corporate life.
The need to keep up with the competition in the market and to improve the efficiency in the functioning of the company has transformed the office for company secretarial services in Cameroon to one very pivotal to the success of the company.
SCOPE OF COMPANY SECRETARY IN THE 21ST CENTURY
The 21st-century company secretary is expected to exercise the tasks of the company secretarial service with adequate mastery in legal issues, tax issues, corporate affairs, public relations, human resource issues, and administrative issues. The 21st-century company secretary is the mirror of the company.
As such the 21st-century company secretarial service office has become the legal adviser and the chief compliance officer of the company who ensures that company secretarial services are executed in line with statutory filings and compliance with various regulatory offices during the lifetime of a company. This has become the required standard for corporate governance best practices for company secretarial services in Cameroon as was illustrated in the case of Panorama Development Limited v Fidelis Furnishing Fabrics Limited (1971) 2QB 711.
The office for company secretarial services in Cameroon must be appointed by the Board of Directors in the case of a Public Limited Company or by the Management in the case of a Private Limited Company as this office is different from that of a general secretary or a private secretary attached to a particular office.
Company secretarial services of Firms are usually tailored towards the following objectives;
- Incorporation of Company,
- Fundraising and financing,
- Initial Public Offer for Public Limited Companies,
- Tax Considerations,
- Administrative and Legal compliance of Regulatory Agencies, and
- Provision of the registered office for new companies.
OBLIGATIONS/DUTIES OF COMPANY SECRETARIAL SERVICES IN CAMEROON
The obligation attached to company secretary services include;
- Attendance of Meetings,
- Advice on compliance as regards legal, regulatory and tax issues,
- Carry out administrative duties,
- Public relations for the company,
- Engage in all mandatory statutory filings, and
- Provide advice on corporate related issues.
In conclusion, it is important for investors to hire firms in view of assuming such an office as a company secretary has become a very important office in the success of a company today.
Article by Barr. Agbor Kima Divine Ngema
Kima & Partners Firm