new guide provides clarity for boards on virtual agms and electronic documents
As the the Treasurer’s COVID-19 relief has now expired and the Government’s Treasury Laws Amendment Bill (2021 Measures No.1), which proposed extending the COVID-19 relief to enable virtual AGMs and electronic signatures for a further six months, did not pass Parliament in March, the laws governing the holding of general meetings and executing documents has reverted to the pre-COVID-19 status quo. See our earlier article here for further details.

In the meantime, ASIC has provided some assistance by adopting a ‘no action’ position in relation to the convening and holding of virtual meetings using technology. ASIC has not however taken a no action position with respect to electronic signatures.

This new joint guidance, Update on AGMs, electronic document execution and digital shareholder communications,will assist members understand the evolving legal landscape by providing:

  • The latest legislative and regulatory updates, and what these mean for holding virtual-only AGMs, hybrid AGMs and issuing notices of meeting;
  • Tips for holding AGMs in the current environment, including how to build in flexibility in case of changing circumstances such as another COVID-19 outbreak;
  • Some key learnings from the 2020 AGM season on how to best prepare, mitigate risks and engage shareholders at meetings that use digital technology; and
  • What you need to consider before and during the AGM.

You can access this guidance here.