CHALLENGES FACED BY COMPANY SECRETARIES DURING CORONAVIRUS LOCKDOWN

CHALLENGES FACED BY COMPANY SECRETARIES DURING CORONAVIRUS & LOCKDOWN PERIOD BY- SEJAL NARANG

PANDAMIC CONDITIONS • What a year it’s been so far. After the first couple of months of the year our worlds were thrown upside down by COVID-19 & lockdown. While this clearly has presented many challenges for the organisations, it has also been an opportunity to learn and improve. We should take this opportunity to review how governance professionals have merged different challenges during the first half of the year & what learnings should be taken forward.

EXPERTS ADVICES (1 -) Best practices in managing remote board & committee meetings. (2 -) Section 172 reporting & COVID-19. (3 -) AGM trends so far. (4 -) Digitising processes & bringing in new technology under cost-cutting measures. (5 -) Leading teams & improving communication during this time.

CHALLENGES 1 -) Understand the business. 2 -} Reporting obligations. 3 -) Knowing the place on the board. 4 -) Building rapport with the rest of the board.

PROBLEMS As the business teams & stakeholder have quickly adapted to new ways of working. They discovered the creative ways that should have continued to drive forward the business in the lockdown period. By taking the expert advice they should find out how the day-to-day duties have been impacted by social distancing measures. The biggest challenge the company secretary are facing & the measures they are taking to keep delivering in lockdown. As the company is required to follow certain rules & a particular reporting cycle. They should follow a well established timetable to ensure that they remain complaint & do not miss any deadlines. Due to the pandemic situation of coronavirus & lockdown there is the introduction of social distancing measures & restrictions on travel, the directors & shh shareholders would be unable to attend meetings. It’s been the mental & physical aspect of working from home. The more challenging aspect of the lockdown was to maintain the working relationships with wider team across the business.

CHANGES Due to COVID-19 outbreak & lockdown situation prevailing in the country, various provisions of the Companies Act, 2013 & rules made thereunder have already been realaxed by the Ministry of Corporate Affairs(MCA) for ease of compliance by the stakeholder. The upcoming challenges to the company secretary are: 1 -) Use the crisis as an opportunity & catalyst for change. 2 -) But don’t push it too far. 3 -) Make better use of technology. 4 -) Ensure the right control & procedures are in place. 5 -) Keep Communicating There is no doubt that the first half of 2020 has thrown up many challenges & been very difficult time for many. But however we should not forgot that “ Challenges are an Oppourtunity” to learn & grow. So, let’s use this oppourtunity to create stronger & more resilient organization.