Andrew Leigh (Fenner, Australian Labor Party, Shadow Assistant Minister for Treasury) Share this | Hansard source

That is a 'hear, hear' from the member for Kingston, whose presence we have occasionally missed and whose telepresence doesn't make up for not having her physically here in the chamber. That's a concern that many have raised about the move to virtual AGMs and a concern that has led the Shareholders Association to suggest that hybrid approaches may be preferable, hybrid approaches that allow accessibility to people who can't get there and permit strong scrutiny from people who can.

It is these concerns that have led the shadow Assistant Treasurer, my friend and colleague the member for Whitlam, to foreshadow an amendment for an independent statutory review of the bill. We have to make sure that these changes improve accessibility to shareholder meetings, not simply allow directors to duck scrutiny. High-quality scrutiny within a general meeting can bring to light concerns and allow shareholders to work out which directors are managing the show well, which managers are doing the best job.

With those comments in mind, Labor will be supporting the bill, but it will be doing so with the intention of having an independent statutory review to ensure that the many promises the coalition has made about virtual AGMs are in fact not a way of watering down scrutiny of corporations.

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