200018 - Law of Associations and Legal Memo Research & Advice - Law Assignment Help

Assignment Task

Question 1 

Future Direct is an activist shareholder group interested in using shareholder resolutions to promote gender and racial pay equity in the tech industry. Future Direct has approached Mat Robbins to obtain advice as to propose the following resolution:

'In view of the difference indicated in the median pay of minorities and women compared to the median pay of non-minorities and men in the tech industry in Australia, the shareholders of TecWiz PLC are of the view that the Board should actively engage in achieving pay equity and thus, propose that all future policies related to recruitment be presented and approved by an ordinary resolution of members before such policies are to be implemented.'

Future Direct wishes to propose this resolution by calling a general meeting of TecWiz PLC. TecWiz PLC is a public listed company of which Future Direct holds 4.5% of the ordinary shares. TecWiz PLC shares are mainly held by three institutional investors who hold 70% of the shares, while the rest of the shares are held by individual shareholders. Future Direct has assured Matt Robbins that their dialogue with 250 other shareholders (together own 2.5% of shares of TecWiz PLC) have been positive so far and that half of them will definitely be on board for the proposed resolution.

Future Direct believes that with the recent developments experienced concerning shareholder resolutions re climate change and racial equality, there will be a positive response from the three institutional shareholders. In the least, Future Direct will be able to bring the matter of pay equity to the board's attention. Future Direct seeks advice as to how to call a meeting to propose this resolution.

Matt Robbins has asked you to address the following issues in your memo:

1. What are the requirements under the Corporations Act 2001 (Cth) to call a meeting and propose a resolution at a general meeting of shareholders?

2. What options are available to Future Direct if the Board of Directors of TecWiz PLC fails/refuses to call the meeting?

3. How likely will the proposed resolution be passed in view of the legal principles related to corporate decision making and proposing/passing resolutions under the Corporations Act 2001 (Cth)? What strategies can be adopted to get the resolution passed and/or enhance the awareness of pay equity as a matter of concern?

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