Paul Washington, senior vice president, deputy general counsel and corporate secretary at Time Warner, gives his take on the seven best and four worst things about being a corporate secretary.
Last week, the Society of Corporate Secretaries and Governance Professionals held its annual Essentials conference in Orlando, helping newly minted corporate secretaries prepare for the vast responsibilities and challenges of the job. In between the many panel discussions on governance fundamentals such as the finer points of taking minutes and proper preparation for the annual meeting, Paul Washington, senior vice president, deputy general counsel and corporate secretary at Time Warner, gave a breakfast speech about the seven best and four worst things about being a corporate secretary.
Best
1. You handle key information. The very best thing about being a corporate secretary is that ‘it puts you in the ‘think’ of everything that goes on at the company,’ said Washington. ‘Anything that is important that has to go to the board, the management team or investors, you’re going to know about.’
2. You have impact. With knowledge comes power. ‘You can have incredible impact on the organization,’ Washington explained. Adding a bit of humor to his discussion, he quipped: ‘You can not only keep your management team and directors out of jail, but you can also help them make better decisions.’
3. You meet extraordinary people. Washington pointed out that although you are not considered a C-suite executive, you meet with those executives all the time. The high-level executives and board members you interact with give you the opportunity to learn from the very best and create great relationships that can enhance your career.
4. Your job has vast scope. He also noted that the corporate secretary’s job is not just legal – it has vast scope, giving you the opportunity to gain skills in finance, risk management, investor relations and other areas as you interact with the key executives in those departments of your company.
5. Your job requires excellence. Although the job demands excellence, it can be very gratifying when you are successful. ‘If you like to take pride in your job, there are few places where you can strive for excellence like you can here,’ Washington said.
6. You have job security. Given that every company needs someone to do what a corporate secretary does, there is some measure of job security – especially if you do the job well.
7. You are trusted. The most important executives at your company rely on you, which makes you an extremely important figure. ‘People trust you with their most important information,’ Washington pointed out. ‘You are there to help everyone else succeed, and that’s very important.’
Worst
1. The job can be difficult. Washington said there are some parts of the job that can be a grind: scheduling monthly board meetings, producing board book materials, writing the corporate minutes – all these can at times be tedious.
2. The job is highly demanding. The downside of a job that requires excellence is that it requires you to meet very high standards.
3. You’ll get the blame. ‘You get some of the credit when things go well and a fair amount of the blame when they don’t,’ Washington noted. He also said to expect that ‘something will always go wrong’ so if you are looking for constant praise, this may not be the job for you.
4. The job is stressful. Washington said you have to manage the stress that goes along with helping executives make critical decisions every day. ‘The job demands perfection, but some things are out of your control,’ he explained.
Overall, Washington said the good things about the job outweigh the negatives, and he’s glad he took the job because it is finally getting the recognition it deserves.
‘This is sort of a golden age for governance because people are starting to realize that good governance is not just about having a checklist,’ he said. ‘It’s about having good governance policies in place to help companies operate in an effective way.’
