Following the expiry of the Corporations (Coronavirus Economic Response) Determination (No. 3) 2020 on 21 March 2021, which implemented parts of ASIC’s COVID-19 relief in relation to the holding of virtual meetings and execution of company documents, ASIC has adopted a temporary ‘no action’ position to allow companies to convene and hold virtual shareholder meetings whilst there remains ongoing uncertainty around gatherings and travel.
ASIC’s position will permit entities:
(a) to hold meetings using “appropriate” technology;
(b) to distribute meeting-related materials electronically; and
(c) an additional 2 months in which to hold their AGMs.
ASIC’s ‘no action’ position does not relate to the electronic signing of company documents, the relief in relation to which expired on 21 March 2021.
The ‘no action’ position announcement, which will be clarified in further detail (likely including as to whether the ‘no action’ position relates to AGMs only or shareholder meetings generally), can be found at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-056mr-asic-to-adopt-no-action-position-for-agms/.
Should you have any questions or wish to discuss ASIC’s ongoing COVID-19 relief, please don’t hesitate to contact Tom Sapountsis or Alfonso Grillo of our office on 03 8621 8888 or reach them by email at tsapountsis@grillohiggins.com.au and agrillo@grillohiggins.com.au, respectively.
