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Wednesday 8 September 2021

21-236MR ASIC extends time for companies to hold annual general meetings

ASIC has today formally extended the time public companies have to hold their annual general meetings.

Under the ASIC Corporations (Extension of Time to Hold AGMs) Instrument 2021/770:

  • all public companies with balance dates between 21 February 2021 and 7 July 2021 have an additional two months to hold their AGM, and
  • public companies limited by guarantee with balance dates between 24 January 2021 and 7 April 2021 have an additional four months to hold their AGM.  

This legislative instrument formalises and adds to the no-action position ASIC has taken giving companies with balance dates up to 7 July 2021 an additional two months to hold AGMs (MR 21-082).

ASIC has granted this extension to allow flexibility for companies preparing for the upcoming AGM season while restrictions on gathering and movement persist during the COVID-19 pandemic. 

This extension is in addition to measures recently passed by parliament in Treasury Laws Amendment (2021 Measures No. 1) Act 2021 to permit the convening and holding of meetings using technology until 31 March 2022.

Directors of eligible companies need to comply with their directors’ duties in deciding whether it is appropriate to rely on ASIC’s relief.