ASIC has updated its webpage addressing some frequently asked questions from companies and registered schemes on holding virtual meetings, following the Government's response to a review into the virtual meetings provisions.
The updated FAQs: Virtual meetings for companies and registered schemes further explain the amendments that permit hybrid and virtual-only meetings.
The updates include setting out ASIC's expectation that members have equivalent opportunities to participate at meetings using virtual technology as occurs for in-person meetings, and providing guidance on:
- whether virtual meetings require a phone line option
- the use of webcasts, and
- how to notify ASIC once an entity's constitution has been amended.
In 2022, the Corporations Act 2001 was amended to give legislative basis to some of the temporary measures that the Government had introduced during the COVID-19 pandemic to allow virtual meetings and electronic signing of documents (the Amendments).
As required by the Amendments, the Government appointed an independent panel (the Panel) to conduct a review of the operation of the Amendments.
The Panel released its Final Report from the Statutory Review of the Meetings and Documents Amendments and it was tabled in Parliament on 9 September 2024. The Government released its response to the Statutory Review on 4 February 2025.
The Government agreed to a recommendation for ASIC and other bodies to provide increased guidance for virtual meetings in line with their respective roles.
ASIC is Australia's corporate, markets and financial services regulator.
