ASIC releases guidelines for AGMs

ASIC has recently released guidelines for upcoming AGMs in light of the COVID-19 crisis.

2020-03-26

Public companies with a 31 December year end would typically need to hold an AGM by 31 May 2020. However, ASIC has said the following:

• They will take no action if AGM dates are postponed by up to 2 months

• They support the use of appropriate technology to facilitate AGMs

• They further stated that they would caution entities against holding AGMs while there are restrictions on large gatherings

• The commissioner stated that degree of flexible pragmatism was needed to deal with the issue and that their position was under continuous review

• ASIC is also closely monitoring developments that may impact upcoming financial reporting requirements.

How ShineWing Australia can assist

• Giving our clients access to our technology to enable them to have remote AGMs if they consider it appropriate

• Advise them on current reporting requirements.

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