Your Shareholder Rights The Government has announced it proposes to make permanent the ability of companies to hold online-only virtual AGM meetings and send all shareholder communications by email.
This proposal has appeared at the start of the busy AGM season (most of which will be virtual) and the ASA is firmly against such measures being made permanent. Shareholders are the owners of the company. Directors are the representatives of the shareholders. The AGM presents a once a year opportunity for shareholders to come face to face with the Board of Directors and ask the questions they want to be answered. A healthy AGM allows a balanced discussion and exchange of information from all views. A virtual meeting is a sterile format where directors are able to ignore questions, gloss over details and be selective in their choice of questions to answer. Similarly, forcing all shareholders to receive communications by email means that shareholders who do not use email are automatically cut out of the process. These proposals can easily minimise the role and presence of retail shareholders at AGMs and should be resisted. Treasury has given us only two weeks until October 30 to make a submission on this proposal. We talked to them yesterday and said we will be making a submission. But we need your help to make your retail shareholder voice heard. I encourage you to write and express your objection to the government’s proposals to your local MP or by email to [email protected] or post (Manager, Market Conduct Division, The Treasury, Langton Crescent, Parkes ACT 2600). Thank you for helping ASA reinstate the importance of retail shareholders and for helping us to stand up for your rights. With best regards Allan Goldin Chair, Australian Shareholders' Association e: [email protected] _______________________________________________ Link mailing list [email protected] http://mailman.anu.edu.au/mailman/listinfo/link
