As of today, ASIC have formally extended the time public companies have to hold their annual general meetings.
Under the ASIC Corporations (Extension of Time to Hold AGMs) Instrument 2021/770:
This legislative instrument formalises the ‘no action’ position ASIC previously adopted, giving companies with balance dates up to 7 July 2021 an additional two months to hold AGMs.
This extension is in addition to measures recently passed by parliament in Treasury Laws Amendment (2021 Measures No. 1) Act 2021 to permit the convening and holding of meetings using technology until 31 March 2022.
ASIC have granted this extension to allow flexibility for companies preparing for the upcoming AGM season while restrictions on gathering and movement persist during the COVID-19 pandemic.
Directors of eligible companies must ensure they are complying with their directors’ duties when deciding whether it is appropriate to rely on ASIC’s relief.
This article provides general commentary only. It is not legal advice. Before acting on the basis of any material contained in this article, seek professional advice.
Peter Kupniewski, Principal in our Corporate Team
Direct Telephone: +61 8 8210 2223
Georgia Kramm, Lawyer in our Corporate Team
Direct Telephone: +61 8 8210 2224