Upon the issuance of a Certificate of Incorporation, corporations in the Philippines step into a realm of legal responsibilities akin to those of natural persons within society. Mandated by the Securities and Exchange Commission (SEC), adherence to Philippine laws, regulations, and SEC directives becomes imperative for these entities.
The SEC, the governmental authority overseeing the registration and supervision of corporations, securities, and capital market participants in the Philippines, mandates periodic reporting and submissions from supervised corporations.
Enter the pivotal role of the Philippine Corporate Secretary. At a macro level, the Corporate Secretary validates all official transactions and commitments made by the corporation through its Board of Directors. At a micro level, Corporate Secretaries also shoulder responsibilities akin to a Compliance Officer in cases where the latter role remains unassigned. Services provided by Corporate Secretaries encompass maintaining stock and transfer books, preparing meeting minutes for both the Board of Directors and Shareholders, issuing Secretary’s Certificates, and handling all company meeting-related notices.
These professionals ensure compliance with laws, foster good corporate governance, and provide crucial support to the board.
A Corporate Secretary, counted among a corporation’s officers, must be formally elected by the Board of Directors immediately following their election. The individual in this role must be of legal age, a Filipino citizen, and a resident of the Philippines. While one person can concurrently hold multiple positions within corporate offices, the positions of president and secretary, or president and treasurer, cannot be held simultaneously by one individual.
Notably, in One-Person Corporations as per the Revised Corporation Code, the single stockholder cannot serve as the Corporate Secretary. Additionally, this specialized role in such corporations includes specific functions:
External functions encompass various responsibilities:
Other key responsibilities include
Corporate Secretarial Services
Filipino Corporate Secretaries ensure compliance with SEC requirements, with some corporations opting to outsource these functions due to the requisite legal and administrative expertise.
Meeting filing deadlines is crucial; the GIS must be filed within 30 calendar days from the actual annual stockholders’ or members’ meetings for stock or nonstock corporations, respectively, and foreign corporations must adhere to their SEC license issuance anniversary.
The duties of a Corporate Secretary in the Philippines are intricate and ongoing, with severe repercussions for non-compliance. To safeguard against operational disruption, the presence of a qualified and experienced Corporate Secretary is indispensable.
Triple i Consulting provides a comprehensive suite of business services in the Philippines, including:
If you would like our assistance with Corporate Secretary representation, please book an initial consultation with one of our business experts through any of the following channels below: