Strict record-keeping requirements imposed by acts such as Sarbanes-Oxley and Dodd-Frank and other various country-specific multijurisdictional requirements, mean that corporate governance, compliance, and legal departments are under more pressure to increase efficiency within Corporate Secretariat.
Corporate Secretariat solutions are designed to support the increasingly complex office of the Corporate Secretary, and Chief Governance Officer. They commonly fall into one of four categories:
Entity management has become a central function for corporate governance and compliance professionals. Because all other essential governance and compliance functions rely on a dynamic, accurate corporate record, best practices in entity management support the corporate secretary and paralegal’s central governance advisory role.
Board Management Portals aim to provide an easy method for a company's directors to access sensitive documents and materials related to their board and committee appointments. More sophisticated offerings provide calendaring functions, a virtual chat room, and company contact information.
Pressure for more disclosures that carry complex financial and legal implications coupled with shorter reporting timeframes, are causing many reporting teams to seek solutions that will enable them to realize time, accuracy, and control enhancements. The most appropriate answer is to find a great disclosure management system and implement it effectively.