On 14 July 2020, the AICD provided a supplementary submission to the Senate Committee on Financial Technology and Regulatory Technology (Committee) in response to questions taken on notice at a public hearing before the Committee.
Earlier in June, the AICD made a submission to the Committee on economic, regulatory and national reform priorities to accelerate growth in the post COVID-19 recovery period, including:
- modernising the Corporations Act 2001 (Cth) (Corporations Act) to permit virtual general meetings, electronic distribution of meeting notices, electronic signatures and electronic execution of corporate and governance documents; and
- removing barriers and promoting commercial risk-taking and innovation to boost growth.
The additional comments included in the AICD's supplementary correspondence relate to international practice on virtual and hybrid AGMs, as well as Australia’s director liability settings.
The AICD strongly believes that there is an opportunity for a regulatory reset as a result of COVID-19 to allow directors and management to better focus on strategic growth and innovation, without being overly focused on personal liability concerns.
You can read our submission here.
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