The following opinion - as always - is my own.
Whilst I cannot speak for everyone supporting this resolution, at least I can elaborate the reasons why that person using my HC alias as a last name (groupie?) is supporting it - which I suppose @smarty13 you would have to file a lawsuit against me... I mean this guy with that last name, too
@GloriaG I appreciate your view regarding your privacy, I'd like to note that in order to get access to your email, that individual has to state the purpose of asking for the register - which would then include your email address (at which state the company gets the chance to make sure it is all above board so to speak).
Here is a well written commentary on this topic by Thomson Reuters:
"Section 177 of the CA 2001 prohibits:
- The use, or disclosure for use, of information about a person obtained from a register to contact or send material to the person, except where the use of that information is:
– relevant to the holding of the interests recorded in the register or the exercise of rights attaching to them; or
– approved by the company or registered scheme.- The use or disclosure of information about a person obtained from a register for an improper purpose.
Contraventions of these prohibitions is an offence, and can also give rise to civil liability to any person who suffers loss because of the contravention and to the company or scheme where a person makes a profit from the contravention.
These sanctions are intended to deter improper use, and their deterrent effect is enhanced by the costs associated with undertaking a physical mail out to members. However, just as communication by email is a fact of modern life, so is misuse of email addresses. This issue is addressed by the Spam Act 2003 (Cth) and other legislation. However, the nature of electronic communication is such that contravening parties are not always easily identified or easily sanctioned, for example if based overseas.
The Bill in its current form does not propose enhancements to the protections in section 177 of the CA 2001 to combat nuisance behaviour. In these circumstances, it may be that companies and schemes become the guardians of their members’ email addresses by refusing applications under section 173 where there are concerns as to the purposes for which members’ email addresses will be used, on the assumption that nuisance applicants will not challenge such a refusal."
http://insight.thomsonreuters.com.au/posts/member-email-addresses-corporations-act
In the wake of the loan issue, certain claims have been made regarding how it in the end passed the line, which in my opinion left a bit of a sour taste behind. In order to allow any shareholder to express his concerns, or perhaps propose any changes and is willing to fork out his hard earned cash to do so, I feel he should have the same avenues available to him as the company and their representatives.
And speaking of invasion of privacy - as @Jazz6868 mentioned (and rightly so):
is it OK (I'm not only talking about a legal point of view) for a company to publicly reveal the full details of their shareholders? It will stay here forever. They blocked out the SRN/HIN numbers (thank you for that, hope it wasn't too much work to do that), which means they could have had the courtesy of also blacking out the address line/s.
Anyways, it is what it is. So please, if you are ever in the St George area - Kogarah to be exact (see ASX announcement), please feel free to stop by my fully furnished PO Box 646 for a coffee. Small cup though (as it is only a small PO Box).
Looking forward to have management's register details being released via an ASX announcement next time they propose a resolution - oh... hang on... they don't do that
@JB1975 Sect 173 of the Corporations Act (with links to explain definitions where applicable):
Right to inspect and get copiesRight to inspect
(1) A company or registered scheme must allow anyone to inspect a register kept under this Chapter. If the register is not kept on a computer, the person inspects the register itself. If the register is kept on a computer, the person inspects the register by computer.
Note: Other provisions that are relevant to the inspection of registers are:
* section 1300 (place and times for inspection)
* section 1301 (the location of documents that are kept on computers)
* section 1306 (form and evidentiary value).
Inspection fees
(2) A member of a company or a registered scheme, a registered option holder or a registered debenture holder may inspect a register kept under this Chapter without charge. Other people may inspect the register only on payment of any fee (up to the prescribed amount) required by the company or scheme.
Right to get copies
(3) The company or scheme must give a person a copy of the register (or a part of the register) within 7 days if the person:
(a) makes an application to the company or registered scheme in accordance with subsection (3A); and
(b) pays any fee (up to the prescribed amount) required by the company or scheme.
ASIC may allow a longer period to comply with the request. If the register is kept on a computer, the company or registered scheme must give the copy to the person in the prescribed form.
(3A) An application is in accordance with this subsection if:
(a) the application states each purpose for which the person is accessing the copy; and
(b) none of those purposes is a prescribed purpose; and
(c) the application is in the prescribed form.
Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.
(4) A person has the same rights to inspect, and obtain copies of, the documents kept under subsection 170(3) as the person has in respect of the register of option holders itself.
(5) The company is not required under subsection (1) or (3) to allow a person to see, or to give a person a copy that contains, share certificate numbers.
ASIC power in relation to register of debenture holders
(6) ASIC may exempt a company from complying with subsections (1) and (3) in relation to information in a register of debenture holders about debentures that are not convertible into shares or options over unissued shares.
(7) The exemption:
(a) must be in writing; and
(b) may be general or limited; and
(c) may be subject to conditions specified in the exemption.
(8) ASIC must publish a copy of the exemption in the Gazette .
(9) A person must not contravene a condition of the exemption.
(9A) An offence based on subsection (1), (3) or (9) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
(10) On application by ASIC, the Court may order a person who contravenes a condition of the exemption to comply with the condition.
http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s173.html
Everyone old enough to buy shares on the ASX is also old enough to decide for themselves if they are OK with this resolution or not and whatever you decide to do, it is your decision to make (and yours only).
I will be supporting it for the reasons stated above.
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