ASIC has published further guidance on virtual meetings for companies by updating some frequently asked questions on its website.
The guidance sets out ASIC’s expectation that entities using virtual meeting technology will ensure members have equivalent opportunities to participate in meetings using virtual technology as occurs for in-person meetings, and includes guidance on:
- whether virtual meetings require a phone line option,
- the use of webcasts, and
- how to notify ASIC once an entity’s constitution has been amended.
ASIC’s view is that members, as a whole, at a hybrid or virtual-only meeting must be given a reasonable opportunity to participate. The technology, or mix of technologies, used to facilitate virtual attendance would need to be sufficient to allow members to vote.
A webcast that only facilitates ‘viewing’ the AGM and does not provide an opportunity for members, as a whole, to participate in the meeting by exercising any rights to ask questions and make comments using the technology would not be classed as ‘virtual meeting technology’ under the Corporations Act.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
