Stock Groups

Australia to make permanent company laws allowing virtual AGMs

[ad_1]

© Reuters. The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS/Loren Elliott/Files

SYDNEY (Reuters) – Australia will make permanent rules introduced during the COVID-19 pandemic that allow companies to hold virtual shareholder meetings and electronically distribute documents, the Australian Financial Review (AFR) reported on Wednesday.

Under the new rules, companies will be able to hold a mix of in-person and online meetings if the company’s shareholders are given “reasonable opportunity to participate”, the newspaper said, citing Federal Treasurer Josh Frydenberg.

Frydenberg will introduce the proposed legislation in the country’s parliament on Wednesday, the report said.

“With so much of corporate Australia having shifted online throughout the pandemic, these reforms reflect the fact that the way we do business is changing,” Frydenberg was quoted as saying.

Instead of physically mailing annual reports and other information, companies will be able to email them or post links on a website. Frydenberg’s office did not immediately respond to a request seeking comments.

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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



[ad_2]