The APRA Act contains provisions dealing with the times and places of meetings, the quorum required, who is to preside, how voting is to occur and the passing of resolutions without meetings.[1] There are no analogous provisions in the ASIC Act.
While only procedural, the formalisation of the requirements for meetings will serve to reinforce the centrality of collective decision–making. The importance of Commissioner meetings, particularly given ASIC’s recent internal changes, necessitates legal and procedural formality.
For that reason, I recommend that provisions substantially similar to those set out in the APRA Act be made in the ASIC Act.
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Recommendation 6.11 – Formalising meeting procedure The ASIC Act should be amended to include provisions substantially similar to those set out in sections 27–32 of the APRA Act – dealing with the times and places of Commissioner meetings, the quorum required, who is to preside, how voting is to occur and the passing of resolutions without meetings. |
[1] APRA Act ss 27–32.