Digital gets the Australian Government’s approval in new relief measures
The Australian Federal Government’s latest relief legislation highlights the growing value of digital technologies for companies and boards.
On August 10th, the Federal Government passed legislation renewing temporary relief that ‘allows companies to use technology to meet regulatory requirements under the Corporations Act 2001’. The new legislation amends the Corporations Act to enable the use of technology in meetings, to execute company documents and to send meeting-related materials electronically.
Among the benefits, the temporary relief will:
- Give companies the option to hold meetings physically in person, virtually, or a hybrid of the two
- Allow meeting materials to be distributed to members electronically
- Allow companies to execute documents electronically, including the digital signing of documents.
Many of these relief measures were initially introduced in May 2020, but expired in March of this year. While the current update is only temporary, it is being done with a view to making more permanent changes down the line.
The new measures signify the government’s recognition of the ability of technology to facilitate these processes safely and efficiently. Even more importantly, it demonstrates their willingness to support the shift.
Online meetings are valid. Technology can afford boards and companies securities and efficiencies that are simply impossible with ‘in-person’ and physical interactions. Digital is an essential space to operate in - particularly for companies who want to work agile and scale.
The message is loud and clear
At Ansarada, we’ve always been big on ‘virtual’. From the early days of disrupting the physical data room, we’ve grown to be a complete information governance solution, managing and digitizing data across the business lifecycle - from corporate transactions, risk and compliance, to tenders and board management.
For companies, Ansarada Board is a secure online board and meetings portal that helps boards, co-secs, committees and portfolio companies manage their meetings and distribute sensitive information electronically. From building and tracking meeting agendas to digitally signing resolutions and votes, it’s the first step for boards to take to bring their processes into the digital age. Request a demo to learn more.
Stay protected with every critical click with Ansarada Deals, a total transaction management solution that facilitates the digitizing of workstreams for the end-to-end deal lifecycle in a single, centralized platform. Secure and share documents for deal marketing and due diligence, through to post-acquisition integration. Ansarada has bank-grade security with the highest ISO 27001 certification.
We’ve automated the sign-on process so that companies and their advisors can get started in minutes. Advisors can now get an instant online quote and a free data room for their clients, with no cost to pay until the deal goes live.