‘Under the social distancing measures that are currently in place, and the ongoing challenges in Victoria, it is difficult for shareholders to physically gather and for companies to execute documents in person,’ says Frydenberg in a statement.
Under the extension of the temporary relief measures, companies will continue to:
- provide notice of annual general meetings to shareholders using email;
- achieve a quorum with shareholders attending online; and
- hold annual general meetings online.
Meetings must continue to provide shareholders with a reasonable opportunity to participate. Shareholders will continue to be able to put questions to board members and vote online.
To execute documents, company officers will continue to be able to sign documents electronically, so for the duration of the extended relief, signatories will not be required to sign the same physical document. This will ensure that documents can continue to be properly executed at a time when ordinary business operations have been disrupted. Read more