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Corporations Amendment (Meetings and Documents) Bill 2021

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2019-2020-2021

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Corporations Amendment (Meetings and Documents) Bill 2021

 

 

(1)     Schedule 2, item 47, page 42 (after line 28), at the end of subsection 1687J(2), add:

Note:          Paragraphs 249R(c) and 252P(c) of this Act (as inserted by Schedule 2 to the Corporations Amendment (Meetings and Documents) Act 2021 ) cease to apply if a report is not prepared and tabled within a certain period: see section 1687K.

[statutory review]

(2)     Schedule 2, item 47, page 42 (after line 28), after subsection 1687J(2), insert:

          (2A)  The review, to the extent that it relates to sections 249R and 252P of this Act, must be conducted by an independent panel, with:

                     (a)  at least one member of the panel having experience in corporate governance and the role of company directors; and

                     (b)  at least one member of the panel having experience advocating for corporate social responsibility; and

                     (c)  at least one member of the panel having experience representing the interests of shareholders.

[statutory review]

(3)     Schedule 2, item 47, page 43 (after line 3), at the end of section 1687J, add:

             (6)  If a report under subsection (3) sets out recommendations, the Minister must cause:

                     (a)  a written response of the Commonwealth Government to the recommendations to be prepared; and

                     (b)  the response to be tabled in each House of the Parliament no later than the first sitting day of that House occurring 3 months or more after the day the report is first tabled in either House of the Parliament under subsection (5).

[statutory review]

(4)     Schedule 2, item 47, page 43 (after line 3), after section 1687J, insert:

1687K   Provisions relating to holding virtual-only meetings cease to have effect if report of review of operation of laws is not tabled within certain period

             (1)  Paragraphs 249R(c) and 252P(c) of this Act do not apply to a meeting held after the first sitting day of a House of the Parliament to occur after the end of the period of 30 months beginning on the day Schedule 1 to the Corporations Amendment (Meetings and Documents) Act 2021 commences, if the Minister does not cause a report dealing with the amendments of sections 249R and 252P made by Schedule 2 to that Act to be prepared, and tabled in that House, on or before that first sitting day.

             (2)  To avoid doubt, nothing in this section affects the validity of anything that is done, or not done, in reliance on this Act as in force before the end of that sitting day.

[statutory review]