Senate

Supplementary explanatory memorandum relating to sheet PG150

(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)

Chapter 2 - Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Treasury Law Amendments (2021 Measure No. 1) Bill 2021

2.1 The Parliamentary Amendments are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview

2.2 The Parliamentary Amendments to the Bill:

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extend the relief provided by Schedule 1 to the Bill from 15 September 2021 to 31 March 2022;

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remove the requirements for companies and registered schemes to notify members of their right to elect to receive documents in hard copy; and

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give ASIC new emergency powers to grant short-term relief from requirements relating to holding a meeting or giving a document if it may not be reasonable to expect compliance with the law due to circumstances beyond the control of the entity or class of entities (such as those related to COVID-19).

Human rights implications

2.3 The Parliamentary Amendments are compatible with human rights and do not limit any of the applicable human rights and freedoms, as they provide relief from obligations relating to the giving of documents and meetings in the Corporations Act 2001.

2.4 Article 4 of the International Covenant on Civil and Political Rights deals with public emergencies and allows for the derogation of certain obligations under the Covenant. These Parliamentary Amendments do not derogate rights. Rather, they provide short-term relief from requirements under the corporations legislation that would otherwise apply, thereby facilitating the continuation of business in circumstances that are beyond the entities' control (such as those relating to COVID-19).

Conclusion

2.5 The Parliamentary Amendments are compatible with human rights as they do not raise any human rights issues.