The Parliamentary Secretary to the Treasurer, the Hon Chris Pearce MP,has announced that the Government will proceed with legislative reforms to improve rules for shareholder meetings.
"Draft legislation was circulated for comment earlier this year, and the Government has taken on board the comments received" Mr Pearce said.
The Government intends to remove the ‘100 member rule’, which requires companies to hold expensive special general meetings at the request of only 100 shareholders.
The Government will also proceed with reforms to require proxy holders to vote in accordance with shareholder instructions, and to facilitate electronic circulation of resolutions and members
The Government will not proceed with proposals to reduce the threshold requirements for shareholders to propose members’ resolutions and members’ statements.