Lessons from a listed company director: Susan Peterson
There are always surprises says Susan Peterson, who is on the boards of Vista, Mercury, Xero, Craigs Investment Partners and Arvida.
Use of electronic means during Covid-19 and other compliance relief
From 3 November 2021, entities can use ‘electronic means’ to do certain things even when their constitution or rules don’t permit this.
Temporary legislation passed in 2020 has been reinstated to provide compliance relief measures to registered entities. The legislation takes effect from 3 November 2021 and continues until 30 April 2022. It applies to registered entities affected by Covid-19 restrictions.
The compliance relief contained within the Covid-19 Response (Requirements for Entities-Modifications and Exemptions) Act 2020 allows entities to do the following:
- Take certain actions even if their constitutions or rules do not provide for it such as calling or holding meetings, signing instruments and methods of voting.
- Modify more easily certain requirements in their constitutions or rules, for example, deferring reporting or waiving members’ fees.
The Registrar can grant exemptions in relation to certain statutory obligations such as calling or holding of meetings (including procedures at meetings), the method or form of voting and auditing, assurance or financial reporting or review requirements.
If the Registrar grants an exemption, it could apply to an individual entity or to a class of entities. All exemptions will be published on the Companies Office’s website.
Eligible registered entities include:
- Building societies
- Charitable trusts
- Companies
- Credit unions
- Friendly societies
- Incorporated societies
- Industrial and provident societies
- Limited partnerships (NZ and overseas).
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