Explanatory Memorandum
(Circulated by the authority of the Parliamentary Secretary to the Treasurer, the Hon Bernie Ripoll MP)General outline and financial impact
Outline
The Bill amends the Corporations Act 2001 (the Corporations Act) to clarify that the chair of an annual general meeting can vote undirected proxies in a non-binding shareholder vote on remuneration where the shareholder provides express authorisation.
Date of effect: The day after the Act receives the Royal Assent.
Financial impact: The Bill has no significant impact on Commonwealth expenditure or revenue.
Human rights implications: This Bill does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 2, paragraph 2.5.
Compliance cost impact: Nil.
Summary of regulation impact statement
Regulation impact on business
Impact: As this amendment is machinery in nature, a Regulation Impact Statement is not required (Office of Best Practice Regulation Reference 2012/13835).
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