Corporate and Regulatory
Companies permitted to hold virtual and hybrid members
meetings during COVID-19
In March 2020, ASIC recognised that social distancing
restrictions would generally prohibit the ability for public
companies to hold face-to-face AGMs where required by the
Corporations Act 2001 (Cth) (Corporations Act) and / or a
company's constitution. However, without the ability to amend
the Corporations Act or constitutions to facilitate the holding of
virtual and hybrid AGMs, ASIC could only issue a 'no
action' notice, meaning that ASIC agreed not to pursue
companies for failing to hold face-to-face meetings.
The Federal Treasurer has now taken steps to temporarily amend
the Corporations Act to allow all companies to hold virtual and
hybrid AGMs and other members meetings between 6 May 2020 and 6
November 2020. The Corporations (Coronavirus Economic Response)
Determination (No. 1) 2020 (Cth)
(Determination) amends all meeting provisions in
the
