Because the bank company secretaries can make the processes difficult and demand last minute changes to resolution wording, we are asking shareholders to grant a limited Power of Attorney so that we can lodge resolutions on their behalf. It is called an Power of Attorney over governance rights. You can download one for:
- Power of Attorney for an individual
- Power of Attorney for a corporation
- Power of Attorney for a trustee of a self managed super fund
Please indicate on the form which share(s) you hold. Please mail the Power of Attorney (after signing and having it witnessed) to GPO Box 1596, Canberra, ACT 2600 Australia.
What are “governance rights”?
Governance rights are rights attaching to your shares which allow you to vote at company meetings and to raise and propose issues for discussion or resolution at such meetings. All shareholders have these rights, even though you may not have known about them!
Letter of comfort about the limited Power of Attorney
Here is a letter explaining what ACCR will do with your power of attorney, if you give us one.
If I did give somebody a power of attorney over my governance rights, could they do anything with my shares other than vote or raise issues at company meetings?
No, they couldn’t buy more shares or sell them or take any other action. ACCR will only use the power of attorney for the climate campaign resolutions.
Is there a cost in granting this POA? No.
Will there be any obligation upon me to actively assist with the lodgement of resolutions or requests to the company? No.
Are there any tax consequences of granting this Power of attorney? No.
Is there any chance I will incur any costs as a result of granting this Power of attorney?
No. Where statements or resolutions need to be distributed by the company to all shareholders, the Corporations Act provides for these arrangements to be made at the company’s expense. Any Power of attorney would only be used to make a request for a distribution of statements or resolutions if this was indeed the case.
What is the difference between appointing a power of attorney in regard governance rights and a proxy?
A power of attorney is more general, your attorney can do what proxy can do but also they can request the company on your behalf include material on the agenda for an AGM, a proxy is solely a person who attends a meeting for another shareholder.
How do I end the Power of Attorney?
Just write to ACCR and we will stop it straight away.
What should I do if I'm not sure about a Power of Attorney?
If you are happy with the idea of a climate change resolution but don't want to sign a Power of Attorney, then you can just sign the resolution.
Which banks will be involved?
ANZ, Commonwealth, NAB & Westpac
If I wish to participate exactly what shares do I need to hold?
You need to hold fully paid ordinary shares, ie with the ticker ANZ, CBA, NAB or WBC. Only holders of these shares have the right to support resolutions for consideration at AGM’s. Holders of preference shares, floating rate notes etc do not have these rights.