Companies to get further regulation relief

·1-min read

Treasurer Josh Frydenberg is extending red tape relief to match the expected time frame of further business interruption from the pandemic.

New laws will grant another six months for companies to avoid face-to-face events and instead hold virtual annual general meetings and depend on signing and sharing electronic documents, extending the change from March 21 to September 15.

"Extension of this temporary relief will allow businesses to continue to comply with their regulatory requirements as they continue to deal with and emerge from the COVID-19 pandemic," Mr Frydenberg said.

There will also be an opt-in 12-month pilot program for companies to hold hybrid annual general meetings, where panels of senior executives take online questions from shareholders.

The government intends to finalise permanent changes to allow electronically signing and sending documents before the temporary arrangements end.

The Treasury Laws Amendment (2021 Measures No. 1) Bill will allow companies to use technology to meet regulatory requirements to hold meetings with shareholders, distribute meeting-related materials and validly execute documents.