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Australia Announces Enquiry Into AGMs

by Mary Swire, Tax-News.com, Hong Kong

09 December 2011


The Australian government has announced that the future of the company annual general meeting (AGM) is to be examined.

According to the Parliamentary Secretary to the Treasurer David Bradbury, the way in which the AGM operates will be looked at by the Corporations and Markets Advisory Committee (CAMAC).

Bradbury explains that the aim of the inquiry is to help inform future policy directions about how the regulations governing the operation of the AGM might be refined to encourage improved outcomes for companies and shareholders.

The government has recently reformed Australia’s executive remuneration laws and Bradbury explains that “boards must justify the pay of executives so that shareholders are given the power to have a say”.

Following these recent changes, the focus of the examination will be centred on the impact of technological innovations and globalization on how information is distributed and how shareholders interact with their companies.

Bradbury concluded by expressing his enthusiasm for the move and hoped that the nature of the AGM can evolve and bring great improvements for the future of Australia.

TAGS: business | law | Australia | corporate governance | financial reporting | regulation | corporate responsibility

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