The Companies and Markets Advisory Committee recently issued a Discussion Paper on The AGM and Shareholder Engagement, following a reference from the Parliamentary Secretary to the Treasurer in December 2011.
The Discussion Paper poses a number of wide-ranging questions about the future of the AGM, including posing basic questions about the function and format of the AGM, having regard, among other things, to advances in technology.
Specific questions that CAMAC is seeking submissions include: whether there should be an amendment to the right of 100 shareholders to call a general meeting, reporting requirements in relation to annual reports, possible changes to the timeframe for holding AGM, greater scope for passing non binding resolutions at AGMs, involvement of auditors at AGMs, the role of the chair, voting and proxy procedures (including online voting), disclosure of pre meeting voting information, verification for polls, access to voting documents, frequency of re-election of directors and voting procedures for election of directors.
Submissions are due on the Discussion Paper by 21 December 2012. Johnson Winter & Slattery intends to make a submission having regard to our experiences and those of our clients, and we invite you to pass on any comments or suggestions to us.
Download the Discussion Paper