Inquiry into the Exposure Draft of the Corporations
Amendment Bill (No 2) 2005
Media Release
A parliamentary committee will conduct an inquiry into the exposure draft of the Corporations Amendment Bill (No.2) 2005, which proposes changes to proxy voting rules and would remove the '100 member rule' for extraordinary Annual General Meetings.
The Chair of the Parliamentary Joint Committee on Corporations and Financial Services, Senator Grant Chapman (Liberal, SA), announced today that the Committee will report to parliament on 23 June 2005 .
Senator Chapman stated that as the Committee is holding this inquiry now, interested parties will be able to send the same submission to both Treasury (who have released the exposure draft) and to the Parliamentary Joint Committee. Submissions to the Parliamentary Joint Committee close on 8 April 2005 , one week later than the close of submissions for the Treasury consultation process.
The terms of reference for the inquiry are as follows:
On 9 February 2005 , the Parliamentary Joint Committee on Corporations and Financial Services resolved to inquire into the Exposure Draft of the Corporations Amendment Bill (No.2) 2005. The Exposure Draft Bill seeks to amend the Corporations Act 2001. It is intended to facilitate increased shareholder participation in corporate governance, while reducing its costs. Specifically, it proposes changes to the '100-member' rule for calling meetings, and changes to proxy voting.
The Committee will consider:
- the need for the proposed amendments;
- the impact of the proposed amendments on corporate governance;
- the impact on shareholder participation of the Bill , including proposed amendments to the '100-member' rule;
- the impact of the proposed amendments to rules for proxy voting;
- possible alternative approaches; and
- any related matter.
Further information is available on the Committee's website at http://www.aph.gov.au/senate/committee/corporations_ctte/index.htm .
ENDS
18 February 2005
Contact: Senator Chapman (08) 8231 9611 / 0408 812 296.
For further information, contact
Committee Secretary
Parliamentary Joint Committee on Corporations
and Financial Services
Parliament
House
Canberra ACT 2600
Australia
Website feedback: web.senate@aph.gov.au
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