Section 293 — Corporations Act 2001: Small proprietary company—shareholder direction

(1) Shareholders with at least 5% of the votes in a small proprietary company may give the company a direction to: (a) prepare a financial report and directors’ report for a financial year; and (b) send them to all shareholders. (2) The direction must be: (a) signed by the shareholders giving the direction; and (b) made no later than 12 months after the end of the financial year concerned. (3) The direction may specify all or any of the following: (a) that the financial report does not have to comply with some or all of the accounting standards; (b) that a directors’ report or a part of that report need not be prepared; (c) that the financial report is to be audited.