ASIC formalises extension of time to hold AGMs
Corporate News - 08 September 2021
In light of continued restrictions across Australia causing uncertainty for companies in planning their annual general meetings (AGMs), the Australian Securities and Investments Commission (ASIC) has now formally extended the time for companies to hold their AGMs.
As a result of powers given to ASIC under the Treasury Laws Amendment (2021 Measures No. 1) Act 2021, ASIC has issued ASIC Corporations (Extension of Time to Hold AGMs) Instrument 2021/770 so that:
- all public companies with balance dates between 21 February 2021 and 7 July 2021 have an additional two months to hold their AGM; and
- public companies limited by guarantee with balance dates between 24 January 2021 and 7 April 2021 have an additional four months to hold their AGM.
This means that all public company clients with 30 June 2021 year ends will have until 31 January 2022 to hold their AGMs.
As this is a modification to the Corporations Act 2001(Cth) itself, third parties will not be able to claim against the company for holding the AGM late.
As always, we are happy to assist clients with preparing for their AGMs. Please contact us in our Perth or Melbourne offices by clicking here.