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Australia enacts permanent company law permitting virtual AGM

Sydney: Australia will create a permanent rule introduced during the COVID-19 pandemic, allowing companies to hold virtual shareholders’ meetings and distribute documents electronically, Australian Financial Review (AFR) ) Reported on Wednesday.

The newspaper quotes Federal Treasury Secretary Josh Frydenberg, who, under the new rules, allows businesses to combine face-to-face and online meetings if they are given “reasonable participation opportunities”. Said that it would be.

Frydenberg will introduce a bill proposed in parliament on Wednesday, the report said.

“These reforms reflect the fact that the way we do business is changing, as many Australian companies have moved online throughout the pandemic,” Frydenberg said. ..

Instead of physically mailing annual reports and other information, companies can email them or post links to their websites. Frydenberg’s office did not immediately respond to the request for comment.

Temporary measures were introduced in May 2020 as part of the government’s response to the coronavirus crisis and then extended until March 31, 2022.

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Australia enacts permanent company law permitting virtual AGM

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