Corporate Secretary’s Entity Management report presents data based on a survey conducted among in-house entity management professionals – such as general counsel and corporate secretaries – to give important insights into this key function and how teams are adapting to changing conditions.
Findings in this report are based on data from the Corporate Secretary survey conducted between March and May 2021.
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Key findings
- Legal teams are most likely to have responsibility for entity management, followed by the corporate secretary’s office, with the general counsel’s office and compliance some way behind. Larger companies are more likely than smaller companies to assign responsibility to their legal departments and/or their corporate secretary’s office.
- Over the past year, more than a third of respondents have seen an increase in the use of technology for entity management. Among those at mega-cap companies, 69 percent have seen an uptick in technology use.
- The most commonly cited areas where technology is being used more widely are regulatory reporting, legal entity tracking and subsidiary compliance.
- Despite the economic conditions, 53 percent of respondents say their entity management budget has remained the same over the past year. Almost a third of respondents at mega-cap companies have seen a small or large increase in budget.
- Almost six in 10 respondents say the size of their entity management team has stayed the same over the past year.
- Respondents’ most common main priority is compliance, followed by efficiency of corporate structure and consistent governance across the corporate structure.
- Fifty-seven percent of respondents use external advisers for certain matters. Around a quarter (23 percent) do not use external advisers at all.
- Just over a fifth (21 percent) of respondents say they have made changes to their entity management work as a result of the pandemic. Almost two thirds say they have not.
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