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Temporary Corporation Act -Covid

  1. 9,842 Posts.
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    At this stage I'm trying to gauge whether my interpretation of the temporary amended Legislation to the Corporation Act is correct?

    The Legislation wording is as following:

    Part2Meetings
    5Provisionsaboutmeetings
    (f) notice of a meeting may be given, and any other information to be provided with notice of a meeting, or at or in relation to a meeting, may be provided, using one or more technologies to communicate to those entitled to receive notice of the meeting:

    (i) the contents of the notice and the other information;
    OR
    (ii) details of an online location where the items covered by subparagraph (i) can be viewed or from where they can be downloaded;

    The bit that I’ve heard about the legality, it isn’t just the legislations wording but one needs to take into consideration the INTENT or SPIRIT of a legislation.

    Most of the of the listed company’s are simply not mailing any replied paid envelope or the Notice of Meeting to eligible to eligible shareholders.

    The letter accompanying the proxy forms infers that the only options available to a shareholder is to get NoM is from the Internet.

    I'm of the view it as being a "denial of voting", simply because ur not computer savvy or not being on the Internet.

    How can u make an informed decision based simply on the proxy form as ur only source of information?
    As a simpleton, my understanding is that I’m entitled to all relevant paperwork needed to be able to make an informed decision on how I’m going to vote.

    Too me, COVID has given further opportunity for the Board to disincentives small retailer shareholders from partaking in AGM resolutions.

    Is there an opportunity for some financial redress for this misleading behaviour by companies?



 
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