13
May
2020
|
05:14
Australia/Sydney

Extension to ‘no action’ position on holding of AGMs

Summary
  • ASIC's 'no action' position extended for public companies' AGMs
  • ASIC guidance for using virtual technology for meetings
  • Financial reporting deadlines extended

AGMs

ASIC has adopted a ‘no action’ position where public companies do not hold their Annual General Meetings (AGMs) within five months after the end financial years that end from 31 December 2019 to 7 July 2020, but do so up to seven months after year end. For public companies with 1 June 2020 to 7 July 2020 year ends, the ‘no action’ position also applies where holding an AGM in January or February 2021 results in the requirement to hold an AGM in the 2020 calendar year not being met.

Guidance on use of virtual technology for meetings

The Treasurer has issued a determination amending the Act for six months from 6 May 2020 which facilitates meetings, including AGMs, being held using one or more technologies (virtual technology) that give all persons entitled to attend a reasonable opportunity to participate without being physically present in the same place (see the Corporations (Coronavirus Economic Response) Determination (No. 1) 2020).

Financial reporting periods 

On 13 May 2020, ASIC announced it will extend deadlines for lodging financial reports for all listed and unlisted entities for balance dates to 7 July 2020 where the reporting deadline has not already passed.

ASIC will continue to monitor how market conditions and COVID-19 developments are affecting financial reporting and AGM obligations for balance dates after 7 July 2020.

Further detail about the various measures is provided at the link below.

More information

For more information, read ASIC media release 20-113MR: ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs

Boilerplate

ASIC is Australia’s corporate, markets and financial services regulator.