Digital AGMs and Signatures: Legislative Determination
The Government has registered the Corporations (Coronavirus Economic Response) Determination (No 3) 2020, which extends until March 2021 the ability for companies to convene annual general meetings (AGMs) and other Corporations Act 2001 prescribed meetings entirely online.
This determination has the same substantive provisions as first implemented. It allows company boards to:
- provide notice of AGMs to shareholders using email;
- achieve a quorum with shareholders attending online; and
- hold AGMs meetings online – shareholders will be able to put questions to board members online and vote online.
The determination also extends the use of electronic signature by company officers to meet the requirements for a signature.
The determination is effective from 23 September 2020, and is currently set to be repealed in six months, on 22 March 2021.
Clients should not act solely on the basis of the material contained here. Items herein are general comments only and do not constitute or convey advice per se. Also, changes in legislation may occur quickly. We, therefore, recommend that our formal advice be sought before acting in any of the areas.