Corporations Amendment (Proxy Voting) Act 2012 (Cth)

Corporations Amendment (Proxy Voting) Act 2012

No. 73, 2012

An Act to amend the Corporations Act 2001, and for related purposes

Contents

Corporations Amendment (Proxy Voting) Act 2012

No. 73, 2012

An Act to amend the Corporations Act 2001, and for related purposes

[Assented to 27 June 2012]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Corporations Amendment (Proxy Voting) Act 2012.

2Commencement

This Act commences on the day after this Act receives the Royal Assent.

3Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Voting at AGMs of public companies

Corporations Act 2001

1

Subsection 250R(5)

Repeal the subsection, substitute:

1. (5)

   However, a person (the voter) described in subsection (4) may cast a vote on the resolution as a proxy if the vote is not cast on behalf of a person described in subsection (4) and either:

   1. (a)

      the voter is appointed as a proxy by writing that specifies the way the proxy is to vote on the resolution; or

   2. (b)

      the voter is the chair of the meeting and the appointment of the chair as proxy:

      1. (i)

         does not specify the way the proxy is to vote on the resolution; and

      2. (ii)

         expressly authorises the chair to exercise the proxy even if the resolution is connected directly or indirectly with the remuneration of a member of the key management personnel for the company or, if the company is part of a consolidated entity, for the entity.

[Minister’s second reading speech made in—

House of Representatives on 24 May 2012

Senate on 18 June 2012]

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