COVID-19: We answer your questions

Directors are facing many issues and are having to make some tough decisions in the current climate. To assist, the AICD Policy Team have pulled together responses on the following topics to the questions that we understand are top of mind for directors right now.

These FAQs are regularly updated and were last updated on 23 September 2020.

AGMs

The Treasurer has used his new COVID-19 emergency instrument-making power to make changes to the Corporations Act to enable companies to temporarily hold virtual AGMs amid the COVID-19 crisis – we look at the detail and answer your questions.

Listed companies: ASX response

ASX has announced a package of temporary relief to assist listed companies in response to COVID-19 market conditions - we take a look at the detail and answer your questions.

NFPs and charities: ACNC response and resources

NFPs and charities are facing extraordinary challenges across multiple fronts – we take a look at what relief is available and key issues the AICD believe could be further addressed by the Government at this time.

Continuous disclosure obligations

The Treasurer has used his COVID-19 emergency powers to temporarily amend the continuous disclosure provisions in the Corporations Act, so that companies and officers will only be liable if there has been ‘knowledge, recklessness or negligence’ with respect to updates on price-sensitive information to the market.

Electronic signatures and contract formation

The Treasurer has extended the COVID-19 emergency instrument-making power to allow company officers to sign documents electronically under the Corporations Act.

Financial reporting

The COVID-19 crisis will make it challenging for many organisations to meet financial reporting obligations - we take a look at some of the key issues and answer your questions.

JobKeeper and workplace relations

The Government’s JobKeeper scheme has passed into law, providing eligible employers a wage subsidy and additional flexibility for leave arrangements to retain staff throughout the COVID-19 pandemic. Clayton Utz answers your questions.

Work health and safety

In recognition of the WHS risks arising from the COVID-19 crisis, Safe Work Australia has released guidance to assist organisations navigate these issues and protect workers.

Temporary COVID-19 insolvency safe harbour 

The Federal Government has announced a six-month temporary relief period from personal liability for trading while insolvent throughout the COVID-19 crisis – we take a look at your detailed questions

Commercial tenancies 

The Government has announced relief measures for commercial tenancies to assist tenants and landlords facing significant uncertainty and financial burden at this time.

Executive remuneration

Decisions around executive remuneration are often some of the most difficult and most scrutinised for boards and this will not get easier with COVID-19 – we take a look at key considerations for boards in the current climate.

Insurance implications

What policies do we have and how are they impacted by COVID-19; these are key questions boards should be asking at this time. We look at the implications for business insurance and answer your questions.