Corporations Legislation Amendment (Deregulatory and Other Measures Bill 2014 passes the House of Representatives

November 28, 2014 |

For those solicitors and barristers practising in Corporations and insolvency law it is worth noting the passage of the Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014 through the House of Representatives yesterday. While anything can happen in the Senate it is hardly a contentious piece of legislation. Its passage is assured.

The Bill, as the summary on the Parliamentary Business page on the bill states, will:

provide that a general meeting of a company must only be arranged if members with at least five per cent of voting shares make the request; reduce the remuneration reporting requirements; clarify the circumstances in which a financial year may be determined to be less than 12 months; and exempt certain companies limited by guarantee from the need to appoint or retain an auditor; and Australian Securities and Investments Commission Act 2001 to: enable members of the Takeovers Panel to perform duties while in Australia and overseas; and provide that the Remuneration Tribunal is responsible for setting the terms and conditions of Chairs and members of the Financial Reporting Council, the Australian Accounting Standards Board and the Auditing and Assurance Standards Board

The effect of the BIll include to:

  • remove the 100 member rule which obliges a corporation to hold a general meeting at the request of 100 or more shareholders;
  • streamlines remuneration reporting requirements;
  • permit entities to determine if their financial year is less than 12 months;
  • exempts certain companies limited by guarantee from the need to retain an auditor.

One Response to “Corporations Legislation Amendment (Deregulatory and Other Measures Bill 2014 passes the House of Representatives”

  1. Corporations Legislation Amendment (Deregulatory and Other Measures Bill 2014 passes the House of Representatives | Australian Law Blogs

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