Welcome to the latest issue of the KHQ Super Alert. A Senate Committee has recommended that the Bill to continue the temporary electronic execution rules in the Corporations Act be passed, while Treasury has released a draft framework in relation to the new program to introduce director identification numbers.
Parliament – Bill for electronic execution of documents
On 12 March 2021, the Senate Economics Legislation Committee provided its report in relation to the Treasury Laws Amendment (2021 Measures No. 1) Bill 2021. As referred to in our Super Alert of 19 February 2021, the Bill proposes to allow ‘companies to execute documents, hold meetings, provide notices relating to meetings and keep minutes using electronic means or other alternative technologies until  September 2021’ (amongst other things). This extends the temporary relief that is due to expire on 31 March 2021 as referred to in our Super Alert of 7 August 2020.
The Committee recommended that the Bill be passed, however, on 16 March 2021 the Bill was referred to the Senate Economics References Committee for further report by 30 June 2021.
Proposed amendments to the Bill were also considered in detail by the House of Representatives on 17 March 2021. However, none of these proposed amendments impact the electronic execution rules.
Treasury – Consultation for Modernising Business Registers program
On 12 March 2021, Treasury released a draft data standard and disclosure framework for public consultation, in relation to the implementation of the ‘Modernising Business Registers’ program. According to Treasury, this includes ‘the introduction of a director identification number (director ID) which is a unique identifier that a director will keep forever…[t]his consultation process focusses on…the director ID regime’.
The consultation period closes on 1 April 2021.
Click here for details.