Updated AGM guide responds to significant change in the law
An updated guide to holding hybrid and electronic AGMs has been launched today, designed to assist organisations across Australia as the peak meeting season gets underway.
Following key legislative changes, Governance Institute has collaborated with the Australian Institute of Company Directors, the Law Council of Australia, and the Australasian Investor Relations Association to release updated guidance in time for the 2021 peak AGM season.
The guide summarises the state of the law after the Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 passed in mid-August and outlines key tips for organisations planning hybrid and fully virtual AGMs while tackling complex investor communications issues under pandemic conditions.
Following ASIC withdrawing its previous virtual AGM guidelines, this guide is the most current resource for boards and governance and risk professionals navigating this rapidly changing area of regulation.
The ‘Guidance: Further update on online AGMs, electronic document execution and digital shareholder communications’ outlines:
- how to comply with the new requirement to allow oral questions through digital platforms
- when it is possible to send ‘postcard’ Notices of Meeting
- a practical step-by-step guide to the new methods for electronic signatures and electronic execution
- tips for boosting shareholder and member engagement online, including through the company’s website.
Governance Institute CEO Megan Motto said the joint guidance is designed to help governance professionals translate complicated – and temporary – legal reforms into a productive digital experience for their board and stakeholders.
“This resource will help organisations unlock the benefits of digital engagement, replicate the cut and thrust of a physical meeting, and assist shareholders and members to feel confident their organisations are being accountable without needing to fly halfway around the country or risk their health to attend in person,” Ms Motto said.