Peter Driver, Client Services Director at London Registrars Ltd, talks in this article about how company directors can manage their governance and statutory obligations effectively by making use of outsourced company secretarial services and describes how London Registrars has worked with new and existing clients to overcome initial reservations about outsourcing.
Peter notes that ‘outsourcing has become an acknowledged part of the way modern businesses work and directors in a range of companies, large and small, are familiar with the outsourcing of, for example, IT and accountancy services. Many directors are less familiar with the outsourcing of company secretarial and advisory services, and the benefits this can provide, particularly for small and medium sized companies’.
Peter goes on to explain that ‘much of the work of a company secretary is cyclical, eg preparing for and managing regular Board Meetings and the Annual General Meeting, maintaining and updating the company’s books and filing returns at Companies House. However, many Chairmen and Directors who are running AIM listed or larger private companies also look to their company secretarial team to advise them for example on compliance issues, organising share placings, designing and implementing incentive arrangements for senior management, and ensuring Directors’ statutory duties, including the new provisions relating to managing conflicts of interest are fulfilled’.
‘It is possible that, in many smaller or medium sized companies, the work involved in managing the routine company secretarial tasks is not sufficient to occupy fully a senior company secretarial adviser. However, the Board also needs to feel confident that the company secretarial advice it receives on corporate actions, such as placings, is accurate and authoritative and provided by someone who understands the needs of the business.’
As Peter points out: ‘We know that many directors are apprehensive about using outsourced services because they’re not certain that they’re going to get the personal, tailored service that they’d expect from an in-house company secretarial team. This is where London Registrars’ combination of advisory expertise and effective management of company secretarial processes can add value to a business’.
‘Our experienced team of company secretarial professionals is able to demonstrate that there is no need to be nervous about using London Registrars’ outsourced services. We work hard to develop close and productive working relationships with our clients so that we understand their needs and can respond appropriately. Our current clients operate in sectors such as shipping, manufacturing and recruitment and have benefitted from using our range of services to support their business.’
In conclusion, Peter notes that ‘our experienced team, based in Central London, is equally at home organising your next Board meeting or working if you are an AIM listed company with your NOMAD on a share placing. I would be delighted to discuss how we can use our company secretarial expertise to help your business. Please contact me on 020 7608 0011 or [email protected] if you would like to have an initial discussion.