29PAObligation to attend an annual members’ meeting

29PA Obligation to attend an annual members’ meeting

(1) If: (a) the RSE licensee of a registrable superannuation entity is a body corporate; and (b) any of the following persons is given notice of an annual members’ meeting for the entity in accordance with subsections 29P(2) and (3): (i) the Chair of the board of directors of the RSE licensee; (ii) a director of the RSE licensee; (iii) an executive officer of the RSE licensee; the person must attend the meeting.

Penalty: 50 penalty units.

(2) A member of a group of individual trustees that is an RSE licensee of a registrable superannuation entity must attend an annual members’ meeting for the entity.

Penalty: 50 penalty units.

(3) If: (a) a person (the relevant person) has been an individual RSE auditor of a registrable superannuation entity for a year of income of the entity; and (b) the relevant person is given notice of an annual members’ meeting for the entity for the year in accordance with subsections 29P(2) and (3); then: (c) if the relevant person is a practising auditor—the relevant person must attend the meeting; and (d) if: (i) the relevant person is not a practising auditor; and (ii) another person is the individual RSE auditor of the entity; the individual RSE auditor must attend the meeting; and (e) if: (i) the relevant person is not a practising auditor; and (ii) a firm or company is the RSE auditor of the entity; and (iii) the firm or company is conducting an audit of the entity; the lead auditor of the audit must attend the meeting.

Penalty: 50 penalty units.

(3A) If: (a) a firm or company has been an RSE auditor of a registrable superannuation entity for a year of income of the entity; and (b) the firm or company is given notice of an annual members’ meeting for the entity for the year in accordance with subsections 29P(2) and (3); and (c) a person (the relevant lead auditor) was the lead auditor of the audit of the entity that was conducted by the firm or company for the year; then: (d) if: (i) the firm or company conducts audits; and (ii) the relevant lead auditor is a member or employee of the firm or a director or employee of the company; the relevant lead auditor must attend the meeting; and (e) if: (i) the firm or company conducts audits; and (ii) paragraph (d) does not apply; and (iii) a person (the relevant audit team member) was a member of the audit team that was involved in the audit of the entity that was conducted by the firm or company for the year; and (iv) the relevant audit team member is a member or employee of the firm or a director or employee of the company; and (v) the relevant audit team member is not the lead auditor of the audit of the entity; the relevant audit team member must attend the meeting; and (f) if: (i) the firm or company does not conduct audits; and (ii) another person is the individual RSE auditor of the entity; the individual RSE auditor must attend the meeting; and (g) if: (i) the firm or company does not conduct audits; and (ii) another firm or company is the RSE auditor of the entity; and (iii) the other firm or company is conducting an audit of the entity; the lead auditor of the audit must attend the meeting.