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Further changes needed to upcoming AGMs
The fallout from the coronavirus pandemic has sparked more recommendations on how best to ensure your annual general meeting remains compliant.
Jerome Doraisamy
Two weeks ago, Lawyers Weekly reported that the need for contingency plans to AGMs had revealed “key failings” in the Corporations Act, with the ongoing pandemic drawing attention to issues in the laws governing AGMs.
“It is time to bring the Corporations Act into the 21st century. Business currently finds itself exposed to many of the shortcomings of our existing legislation – and this has sped up the need for an overhaul,” she proclaimed.
However, a fortnight on, Governance Institute is saying that – as the federal government continues to ramp up its restrictions on gatherings and distancing – the “hybrid meeting” that many organisations were looking to utilise as their contingency plan “may no longer be an option”.
Ms Motto is encouraging companies to “keep in regular contact with their shareholders and investors as the situation evolves”, as the Governance Institute itself continues its discussions with investor representatives and regulatory authorities.
“There are 290 ASX-listed companies who are due to hold their AGM by 31 May and the situation is changing rapidly. Arrangements made last week are no longer feasible this week,” she recounted.
“We encourage companies to liaise with their shareholders and significant investors about their arrangements and bring them up to date as circumstances change. Encourage them to lodge proxies.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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