Governance insights: the critical role of Company Secretary in community banking
The role of Company Secretary is often underestimated, yet it remains one of the most crucial positions in ensuring effective corporate governance—particularly within community banking organisations.
Legislative foundation
Under the Corporations Act 2001, the Company Secretary holds significant statutory responsibilities. Section 188 outlines that a public company must have at least one company secretary, whilst sections 205A-205G detail their duties and obligations.
Key responsibilities include:
Ensuring compliance with the Corporations Act and ASIC requirements
Maintaining statutory registers and records
Facilitating board meetings and maintaining accurate minutes
Managing disclosure obligations and regulatory communications
Overseeing corporate governance frameworks
Community bank context
For community banks, the Company Secretary role is particularly vital due to:
Complex regulatory environment combining banking and corporate law
Community accountability and transparency requirements
Managing relationships with multiple stakeholders
Ensuring compliance with both APRA and ASIC regulations
The value of professional support
Many community banks benefit from outsourcing Company Secretary functions to specialists who understand both corporate governance and the unique challenges of community banking. This ensures:
Expert knowledge of evolving regulatory requirements
Consistent application of best practices
Risk mitigation through professional oversight
Cost-effective access to specialised expertise
Effective Company Secretary support isn't just about compliance—it's about enabling your board to focus on strategic decision-making whilst maintaining robust governance foundations.
CBVS Company Secretary services
CBVS can act as the formal Company Secretary for your community bank company, ensuring compliance and continuity. Our experienced team understands the unique regulatory environment of community banking and can provide the specialist expertise your organisation needs. Talk to us about how we can support your governance requirements whilst giving your board the confidence to focus on strategic priorities.