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Standard-bearer (also spelled standardbearer) is an appointed position in the Black Company. He leads the Company into battle holding the Company standard, which is affixed to a crosspiece hanging from the Lance of Passion. At various times during the Company's history the standard-bearer has held more than one position. For example, Murgen was both annalist and standard-bearer. Murgen's predecessor was not stated in the Annals but his successor was Sleepy.

By the events of Bleak Seasons, Murgen had grown disillusioned with the responsibility, summing up the job as follows:

The standardbearer is always the first guy into a scrape and he always has one hand tied up keeping a bigass pole from falling over.