ASIC Guidelines for AGM and Financial Reporting Requirements

In light of the ongoing COVID-19 pandemic, ASIC has released guidelines to assist companies in meeting upcoming AGM and financial reporting requirements.

ASIC has confirmed that for listed and unlisted public companies with 31 December 2019 balance dates that are required to hold an AGM by 31 May 2020, it will not take any action if the AGMs are postponed for two months and supports the holding of AGMs using appropriate technology.

ASIC has also advised that while it is closely monitoring developments that may affect financial reporting, at this stage there does not appear to be any widespread indications of any significant issues for entities in meeting their full-year and half-year financial reporting obligations at 31 December 2019. For companies with 31 March 2020 or 30 June 2020 balance dates, ASIC will continue to assess how market conditions and COVID-19 are affecting financial reporting and AGM obligations for these entities and may update this guidance if needed.

A copy of the media release from ASIC can be found here

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