Company Secretaries pocket avg annual pay of Rs 50 lakh
PrintListen to this Article
Secretarial Audit is a concept introduced in the Companies Act, 2013, whose most provisions came into effect from April 1, 2014. "The average annual compensation of Rs 50 lakh reflects the increasing importance for compliance among S&P BSE 500 companies.
"However, this importance accorded is not uniform across all the companies analysed as reflected in 155 (31 per cent) companies where the CS gets less than Rs 25 lakh and another 142 (28 per cent) companies where they earn less than Rs 50 lakh," the report said. Under the Companies Act, 2013, company secretaries have an important role and are recognised as Key Managerial Personnel (KMP). Besides, listing agreement with stock exchanges requires the CS to be designated as the Chief Compliance Officer of listed companies.
Out of the S&P BSE 500 companies, only 463 published secretarial audit report in their 2015 annual report, according to CimplyFive. The remaining 37 companies were not required to publish it, as 19 were banks not incorporated under the Companies Act and the remaining 18 had calendar year 2014 as their financial year.
The analysis by CimplyFive also found that the top 10 auditors audited 100 companies and the top 5 audited 64 firms. In terms of designation, it was found that 304 companies had CS title. "The role of Company Secretary was in many cases combined with the role of general counsel and legal affairs as reflected in 67 (13 per cent) of the designations. In 54 (11 per cent) of cases, the stipulated role of chief compliance officer was reflected in their designations," the report said. (PTI)
Category : ICSI | Comments : 0 | Hits : 1384
ICSI Council has allowed Company Secretaries in Practice to be registered and act as Trade Marks Agent / IPR Agent. In this regard, the Council of the Institute pursuant to the powers conferred under Clause (0 of Sub-Section (2) of Section 2 of the Company Secretaries Act, 1980 read with Regulation 168 of the Company Secretaries Regulations, 1982 has allowed ‘Company Secretaries in Practice to act as IPR agent’ [Ref: Item II (I) of the Resolution as mentioned below]. The aforesaid...
The Institute of Company Secretaries of India appreciates the efforts of the Government of India in bringing the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021. Passed in Lok Sabha on 30th March, 2022 and in Rajya Sabha on 5th April 2022, the Bill is aimed at strengthening the disciplinary mechanism of the three Institutes by including more external representation on Discipline Board and Committee and ensuring time bound dispos...
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has granted ex-post facto approval to the Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with various Foreign Countries/Organisations. The Institute of Cost Accountants of India (ICoAl) and the Institute of Company Secretaries of India (ICSI) have signed MoUs with foreign organisations namely Institute of Public Accountant...
The Institute of Company Secretaries of India (ICSI) has started free online crash course for students who have enrolled for CS July 2020 examination. The crash course has been organised under ICSI e-VIDHYA VAHINI programme. The online classes are being conducted for Foundation, Executive and Professional programmes. The Professional and Executive courses will commence from 18 May, while Foundation course will start from 10 June. All the courses will continue till 2 July. The courses are f...
Private companies with total outstanding debt of Rs 100 crore or more to banks and financial institutions will now have to submit a secretarial audit report to the government, according to a rule notified by the corporate affairs ministry on Monday. Under the previous rules, public companies with a paid-up share capital of Rs 50 crore or more or those with a turnover of Rs 250 crore or more were required to submit secretarial audit reports along with their board reports. In a move aimed at bo...
Comments