Commonwealth Numbered Regulations - Explanatory Statements

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AUSTRALIAN WOOL RESEARCH AND PROMOTION ORGANISATION (AGM) REGULATIONS(AMENDMENT) 1997 NO. 218

STATUTORY RULES 1997 No. 218

Issued by the Authority of the Minister For Primary Industries and Energy

Australian Wool Research and Promotion Organisation Act 1993

Australian Wool Research and Promotion Organisation (AGM) Regulations (Amendment)

The objective of the Australian Wool Research and Promotion Organisation Act 1993 (the Act) is to improve the performance of the Australian wool industry by improving the application of funding for wool promotion and research and development relating to wool and the wool industry.

The Australian Wool Research and Promotion Organisation (AGM) Regulations prescribe the processes for the conduct of annual general meetings of wool-tax payers for the purposes of Part 5 of the Australian Wool Research and Promotion Organisation Act 1993 (the Act). The purposes of such meetings include consideration of the most recent annual report and financial statements of the Organisation, and to receive an address by the Chairperson on the reports and activities of the Organisation. Wool-tax payers may question the activities of the Organisation and consider motions to accept the most recent annual reports and financial statements, or a motion of no-confidence in the Organisation.

The regulations have been developed in consultation with the Wool Council of Australia, the Australian Interior Textile and Carpet Wool Council and the Australian Wool Research and Promotion Organisation. The amendments

*       give wool-tax payers the option of electing to receive a copy of a Chairman's statement and financial statements in lieu of the full annual report and financial statements for AWRAP);

*       bring the proxy arrangements applying to members of partnerships and unincorporated trusts into line with those applying to incorporated bodies and natural persons; and

*       provide for AGM's to be held two weeks prior to a wool-tax postal ballot while allowing the issue of documentation in relation to both events to proceed concurrently.

Allowing growers the option of electing to receive a copy of a Chairman's statement and financial statements, rather than the full annual report, should generate significant savings to AWRAP and ultimately to growers.

The new proxy arrangements relating to partnerships and unincorporated trusts are designed to avoid confusion that has arisen at past meetings where proxy arrangements for such wool-tax payers have previously differed from those for incorporated bodies and natural persons.

Provisions for AGM's to be held two weeks before the date of a wool tax ballot, in those years where both occur, will allow economies from the concurrent distribution of papers relating to both events, yet give growers time to consider the reports at the AGM before voting. Grower consideration of the annual report and financial statements at the AGM (or the chairman's statement and financial statements if preferred) is desirable to allow a more informed vote by growers.

Details of the Regulations are set out below:

Amending regulation 1 describes the objective of the regulations.

Amending regulation 2 reduces by two weeks the period for wool-tax payers to notify the Organisation of their intention to participate in an AGM and to provide their current details to enable the issue of voting papers on the basis of wool-tax paid in the previous financial year. Wool-tax payers are also able to elect to receive a copy of the most recent annual report and financial statements of the Organisation or a copy of the most recent financial statements and a report by the Chairman on the Organisation's performance.

Amending regulation 3 reduces the overall period from the issue of a notice of an AGM to the actual date of the meeting, from 70 days to 56.

Amending regulation 4 requires the Organisation to prepare an agenda for the AGM no sooner than 41 days prior to the meeting.

Amending regulation 5 prescribes that no later than 28 days prior to a meeting, the Organisation must issue to wool-tax payers copies of any motions to be considered at the meeting along with the reports selected by wool-tax payers under amending regulation 2 (above). Special provision is made for late acceptances to attend the meeting.

Amending regulation 6 prescribes the latest date for proposing motions of no confidence at an AGM as 42 days prior to the meeting day.

Amending regulation precludes proxies for recorded wool-tax payers who are natural persons or for authorised representatives of partnerships, trustees and bodies corporate from voting at AGMs where their respective natural persons or authorised representatives are also present.

Amending regulation 8 omits the previous regulation 11(4).

Amending regulation 9 provides for the voting rights of bodies corporate, partnerships or trustees as vesting in their proxies or authorised representatives.

Amending regulation 10 provides for a vote exercised by an authorised representative under the regulations to be the same as a vote in person.

The regulations commenced on gazettal.