The Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 has been introduced into the House of Representatives.
If passed, amongst other things, it will clarify that the chair of an annual general meeting of a listed public company, who is a member of the key management personnel (KMP) or a closely related party of a KMP, is able to vote undirected proxies in the non-binding vote on remuneration related resolutions where the shareholder provides their express authorisation for the chair to exercise the proxy.
The change will take effect on the day after the Act receives the Royal Assent.
