On September 30, 2011, ACGA submitted a response to a Ministry of Finance consultation paper on the Report of the Steering Committee for Review of the Companies Act.

ACGA analysed and made recommendations on selected issues, including:

• The disclosure requirements under sections 156 and 165 should be extended to the Chief Executive Officer of a company;
• To allow for multiple proxies to be appointed to AGMs;
• To allow the multiple proxies to vote on a show of hands at shareholders' meetings;
• To amend the timeline for the filling of proxies from 48 hours prior to the shareholders' meeting to 72 hours to the shareholders' meeting;
• Liberalise rules on electronic transmission of notices and documents; and
• Companies should be allowed to issue non-voting shares and shares with multiple votes.

While we supported most of these proposals, we did suggest amendments to some, and strongly opposed allowing companies to issue non-voting shares and shares with multiple votes.