On 20 May, the Government published the Corporate Insolvency and Governance Bill, which received its first reading that day and is planned to go through the rest of its Parliamentary passage on 3 June.
The bulk of the Bill relates to Insolvency and will be covered in a separate section of this briefing. However, of principal interest to governance professionals is Schedule 14, which relates to ‘meetings of companies and other bodies’.
The scope of the Bill is wide – it covers companies, charitable incorporated organisations, registered co-operative societies, building societies and friendly societies (as defined in specific legislation) and applies to meetings held, or due to be held, between 26 March and 30 September 2020 with power for national authorities (the Secretary of State or relevant devolved bodies) to amend the period as necessary or to make additional regulations.
The legislation provides that:
Finally, the Bill extends the period in which an AGM must be held until 30 September 2020, with power for the ‘national authority’ to extend this if necessary.
Of course, as noted above, the Bill received its first reading on 20 May, and the Government plan is that it will complete the rest of its Parliamentary passage on 3 June. Until it does so, we cannot be certain of the final text.
The full text of the Bill can be found at: https://publications.parliament.uk/pa/bills/cbill/58-01/0128/cbill_2019-20210128_en_1.htm - Schedule 14 contains all the legislation relating to general meetings. Explanatory notes can be found at: