Australasian Centre for Corporate Responsibility v Commonwealth Bank of Australia [2015] FCA 785

FEDERAL COURT OF AUSTRALIA

Australasian Centre for Corporate Responsibility v Commonwealth Bank of Australia [2015] FCA 785 Citation: Australasian Centre for Corporate Responsibility v Commonwealth Bank of Australia [2015] FCA 785

Parties: AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY v COMMONWEALTH BANK OF AUSTRALIA

File number: VID 607 of 2014

Judge: DAVIES J

Date of judgment: 31 July 2015

Catchwords: CORPORATIONS – members' resolutions – obligation of directors to put forward resolutions at general meeting under s 249O of the Corporations Act 2001 (Cth) ("the Act") – validity of certain resolutions proposed by members pursuant to s 249N of the Act – whether resolutions expressing opinion of shareholders as to how a power vested in the board should be exercised constitute an exercise of the board's powers – whether National Roads & Motorists' Association v Parker (1986) 6 NSWLR 517 correctly decided – whether implied power of shareholders in general meeting to express views on the management of the company – whether s 249P of the Act empowers shareholders to propose such resolutions – whether such resolutions relate to the business of the company – whether proper notice of resolutions given – whether statements in the Explanatory Memorandum of the Notice of General Meeting expressing the board's views on a resolution were ultra vires

Legislation: Corporations Act 2001 (Cth) ss 249N, 249O, 249P, 250R, 250S

Cases cited: National Roads & Motorists' Association v Parker (1986) 6 NSWLR 517 Gramophone & Typewriter Ltd v Stanley [1908] 2 KB 89 John Shaw & Sons (Salford) Ltd v Shaw [1935] 2 KB 113 Federal Commissioner of Taxation v Commonwealth Aluminium Corporation Ltd (1980) 143 CLR 646 Automatic Self-Cleansing Filter Syndicate Co Ltd v Cuninghame [1906] 2 Ch 34 Howard Smith Ltd v Ampol Petroleum Ltd [1974] AC 821 Winthrop Investments Ltd v Winns Ltd [1975] 2 NSWLR 666 Turner v Berner [1978] 1 NSWLR 66 Auer v Dressel (1954) 306 NY 427 Stanham v The National Trust of Australia (NSW) (1989) 15 ACLR 87 Re Molopo Energy Ltd (2014) 104 ACSR 46; [2014] NSWSC 1864 Bagga v Sikh Association of Western Australia Inc [2012] WASC 193 Queensland Press Ltd v Academy Investments (No 3) Pty Ltd (1988) 2 Qd R 575 National Roads and Motorists' Association Ltd v Bradley (2002) 42 ACSR 616; [2002] NSWSC 788 Certain Lloyd's Underwriters Subscribing to Contract No IH00AAQS v Cross (2012) 248 CLR 378 ENT Pty Ltd v Sunraysia Television Ltd (2007) 61 ACSR 626; [2007] NSWSC 270