COVID-19 Company Admin Update

Further to our article here where we wrote about the Australian Securities and Investments Commission’s (ASIC) guidance regarding annual general meetings and the COVID-19 pandemic, the Treasurer has released the Corporations (Coronavirus Economic Response) Determination (No 1) 2020 (Cth) (Determination), which commences on 6 May 2020 and will be automatically repealed on 5 September 2020.

The Determination allows company meetings to be held “using one or more technologies” so that physical attendance is not required. Proxies may still be appointed for meetings, but voting must occur by poll and not by a show of hands. The technology used must also allow for participating members to speak at the meeting.

Additionally, the Determination confirms that “one or more technologies” can be used to provide notice of meetings to members, though the notice must describe the way in which members can participate in the meeting, including how members can vote and talk at the meeting.

Companies may also execute documents without a common seal electronically and, in doing so, the assumptions set out in section 129(5) of the Corporations Act 2001 (Cth) can be relied upon.

For further information please contact:

Alexander Gulli
Lawyer
T: 03 5226 8573
E: agulli@ha.legal

Paul Gray
Principal
T: 03 5225 5231
E: pgray@ha.legal