The proposed extension of temporary relief measures for Annual General Meetings (AGMs) and other meetings (such as EGMs) failed to pass Parliament last week.
As a result, shareholders meetings will now need to be conducted as per pre-COVID regulations, requiring physical or hybrid meetings (subject to compliance with your constitution) to be conducted. Wholly virtual meetings are no longer permitted.
Companies must also reconsider how to validly execute documents as the statutory assumptions under the Corporations Act will not be available for documents executed electronically.
Additionally, if members have not already received notice of meetings, they will need to be sent hard copies (excluding those who have opted-out).
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