Electronic execution of documents: Permanent reform has finally arrived

On 10 February 2022, the Federal Government passed long-awaited legislation making permanent the (originally temporary) measures regarding electronic execution by an Australian company, being measures that were first introduced in response to the COVID-19 pandemic. 

Specifically, the Corporations Amendment (Meetings and Documents) Bill 2021 (Cth)(Bill) provides permanent reform under the Corporations Act 2001 (Cth) (Corporations Act) allowing companies to execute documents electronically, use technology to hold physical, hybrid and (potentially) wholly electronic meetings, and send company meeting-related documents, such as minute books and notices.  

These welcome changes, arguably bring Australia's Corporations Act into the 21^st century and reflect the significant role that technology plays in modern society, enabling businesses to take advantage of the flexibility and efficiencies that technology offers. Notably, the Australian Treasury has reported that