The position has followed on from the coronavirus economic response measure allowing companies to conduct their annual meetings digitally, which expired on 21 March.
ASIC has said its no-action position will support the holdings of meetings using appropriate technology, facilitate electronic dispatch of notices of meeting including supplementary notices and allow public companies an additional two months to hold their AGMs.
Commissioner Cathie Armour commented it is important for businesses to have certainty in the current environment.
“ASIC’s position is intended to facilitate businesses to hold their meetings effectively during the ongoing pandemic where there is still uncertainty around restrictions on gatherings and travel,” she said.
The details of the no-action position will be made in the coming days, with guidance on the appropriate approach to conducting virtual meetings.
But ASIC will not be providing a no-action position in relation to electronic signatures.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
