The Australia Securities & Investments Commission (ASIC) has extended the time that public companies have to hold their annual general meetings (AGMs) following a recently passed law permitting the convening and holding of meetings online until March 31, 2022.
Under the ASIC Corporations (Extension of Time to Hold AGMs) Instrument 2021/770, all public companies with balance dates between February 21 and July 07, 2021, have two additional months to hold their AGMs.
Meanwhile, all public companies limited by guarantee with balance dates between January 24 and April 07, 2021, have an additional four months to hold their AGMs.
ASIC explained that the legislative instrument formalises and adds to its no-action position, giving companies with balance dates up to July 07 an additional two months to hold AGMs.
The extension also allows companies to be more flexible in preparing for the upcoming AGM season while restrictions on gathering and movement persist in the country during the COVID-19 pandemic.
ASIC reminds directors of eligible companies to comply with their directors' duties in deciding whether it is appropriate to rely on ASIC's relief.
