The draft Bill is a package of repeal and streamlining amendments to the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001; to reduce compliance costs for business. Its net impact on business is expected to be deregulatory. The proposed amendments in the draft Bill:
- remove of the obligation to hold a general meeting on the request of 100 shareholders;
- improve the disclosure of executive remuneration in Australia;
- relieve certain disclosing entities from the obligation to prepare a remuneration report;
- increase the flexibility of companies to pay dividends;
- remove the requirement for auditor appointment for certain companies limited by guarantee;
- extend the Remuneration Tribunal’s remuneration setting responsibility to certain Corporations Act bodies; and
- improve the efficiency of the Takeovers Panel.
This draft Bill relates to the Press Release by the Acting Assistant Treasurer on 10 April 2014.
There will be a five week consultation period, and submissions close on 16 May 2014.