Greens Concerned by Government Moves to Limit Shareholder Power to Call Special Meetings

The government’s move to increase the number of shareholders who can call a special company meeting could allow institutional investors to block scrutiny of company activity, said Deputy Greens Leader and Finance spokesperson, Adam Bandt MP.

“The government proposes to increase the number of shareholders required before a special company meeting can be called. This could allow institutional investors to block scrutiny of company activity by ensuring extraordinary general meetings never happen,” said Mr Bandt.

“As it currently stands, a group of 100 shareholders can draw the attention of all shareholders to any activities of concern by the company.”

“This allows small groups to intervene early and prevent potentially harmful company activities from spiralling out of control.”

“The Greens will examine closely any legislation tabled by the government on Wednesday.”

Media contact: Adam Pulford, 0424 885 387

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