Annual Meetings to be Conducted Online

A discussion paper from the Corporations and Markets Advisory Committee (CAMAC) said it is time to evaluate whether annual meetings should be conducted online. According to CAMAC, annual meetings may no longer be as relevant like before.

The paper said that annual general meetings or AGMs should be examined to see if there’s a need to change format. It stated that shareholders now have the opportunity to receive updates way before the holding of the annual meetings.

The paper also indicated that AGMs can be limited.

Vas Kolesnikoff, however, refuted the assertions and warned against following recommendations of a discussion paper. He added that a discussion paper won’t serve the interest of businesses.

Kolesnikoff is Australian Shareholders’ Association chief executive. He also said that the discussion paper diminishes the importance of AGM.

Joanne Rees, meanwhile, said the issues raised in the discussion paper zeroes in on the heart of corporate governance in the country. She added that the AGM helps in keeping companies accountable to shareholders.

Rees is convener for CAMAC.