15RU-002 Corporations Act 2001 amended – effective now

15RU-002 Corporations Act 2001 amended

The Corporations Legislation Amendment (Deregulatory and Other Measures) Act 2015 (‘The Act’) was passed by both houses of Parliament and received Royal Assent on 19 March 2015.

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The Act effected minor changes to the Corporations Act 2001 in the following areas:

  • holding of general meetings
  • remuneration reporting
  • auditor appointment for companies limited by guarantee
  • changes in financial years.

The Act also amended the Australian Securities and Investments Commissions Act 2001, however, this will not have any direct impact on companies.

Amendments relating to the remuneration report apply in relation to financial years ending on or after 19 March 2015. All other amendments commence on 19 March 2015.

Key points

  • ‘100 Member Rule’ for calling a general meeting removed.
  • Unlisted disclosing entities no longer prepare a remuneration report.
  • Certain companies limited by guarantee need not appoint an auditor.
  • For listed entities, assess lapsed option disclosures in the remuneration report.
  • Consider the impact (if any) on your company’s constitution of the general meeting and auditor appointment changes.

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