Parliamentary Secretary to the Treasurer, Chris Pearce has blamed the state and territory governments for the delay in implementing the draft
Corporations Amendment Bill (No 1) 2006. The Bill scraps the rule allowing just
100 shareholders to call an Extraordinary General Meeting and leaves the 5% requirement as the minimum.

Under the Corporations Agreement, legislation of this nature requires the approval of three
other jurisdictions, two of which must be states.

“The state and territory governments are the only stakeholders who are
opposed to the removal of the 100 member rule. I have strongly urged
the Attorneys-General to rethink their position and take on board the
numerous representations they have received in relation to this issue
from a broad cross section of industry and the community,” Mr Pearce
said.