|
Public companies intending to hold an AGM on or before 1 November 2010 should start preparing their AGM materials before 1 September 2010.
Statutory requirements setting out the period over which a public company can hold its AGM need to be considered well in advance, as they can impact on the date you can hold your AGM.
According to these requirements, a public company must hold its AGM within five months of the end of its financial year. For most companies, this will mean their AGM must be held no later than 30 November 2010 - so they should start preparing soon.
As an example, a company wanting to hold its AGM on 1 November 2010, with related party resolutions to be proposed at that AGM, would need to begin preparing its AGM material around the beginning of September. The table below demonstrates this.
|
Action
|
Date
|
Notes
|
|
Prepare AGM material
|
1 September 2010
|
Depending on the resolutions to be proposed, a company seeking to hold its AGM on or after 1 November 2010 should begin preparation by the beginning of September.
This allows two weeks to prepare the material and obtain board sign off. Preparation of the AGM material should be initiated earlier than 1 September if the company requires more than two weeks for its board to sign off.
|
|
Submit draft AGM material to the relevant stock exchange, including ASX, and ASIC
|
15 September 2010
|
If related party resolutions are to be considered at the AGM, a copy of the AGM material must be submitted to ASIC (and the relevant stock exchange, including ASX) for their review and consideration at least 14 days before the company intends to dispatch the AGM material. While it is possible to apply to reduce this timeframe, given the time of the year, such an application may not be accepted.
|
|
Dispatch AGM material
|
30 September 2010
|
This dispatch time accounts for a 28 day notification period to shareholders. If the public company is unlisted, a shorter 21 day notification period may be applicable, depending on the company's constitution.
Companies also need to factor in deemed receipt of their meeting material, which will be governed by the company's constitution or Corporations Act.
|
|
Hold AGM
|
1 November 2010
|
|
For more information on preparing and planning your AGM, please contact HopgoodGanim's Corporate Advisory and Governance practice.
Nicole Radice, Partner
Liz Cameron, Associate
| 
