Industry seeks changes to Companies Bill

The corporate sector has proposed changes to the Companies Act amendment bill, including greater flexibility in conducting general meetings.

Industry executives demand that the law explicitly recognize physical, virtual, and hybrid general meetings, removing the mandate for at least one in three AGMs to be physical.

Proposed three-year cooling-off period for auditors from rendering services to holding company or subsidiaries could effectively ban non-audit work for 13 years, firms argue.

Firms warn that cooling-off provisions may limit professional capabilities and contradict the government's goal of promoting multi-disciplinary firms.

Government aims to enhance audit quality and auditor independence through the amendments.