Industry welcomes passing of e-signature laws

Industry has applauded the recent passing of the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2023.

Shaun McLagan, Group VP and General Manager for APAC&J at DocuSign said the move has been a long time coming and that finalisation will resolve confusion around which documents will and won’t be permitted.

“We have been engaged with the government on electronic execution of document reform for the last three years, and this Act brings clarity and certainty around the execution of company documents by specifically highlighting that all documents, including deeds and ASIC documents, can now be signed electronically," McLagan said.

“We welcome the passing of this Bill as it resolves any confusion that existed around whether some specific documents, including ASIC documents, could be electronically executed under the 2021 permanent reforms that allowed for electronic document execution.

McLagan said permitting electronic signatures for all documents required under the Corporations Act makes it clear for organisations and will deliver substantial time and cost savings.

“The Bill now means all documents which are required or permitted to be signed under the Corporations Act can be signed electronically, meaning it will save companies and individuals significant costs and allow them to execute company documents in minutes rather than days, improving productivity.

“Typically, by executing a company document electronically, a business can save an average of $50 per transaction on costs like printing, couriers and face-to-face meetings. The Bill aligns with DocuSign’s core values, which is enabling businesses to save time, save money and help the environment with paperless operations,” he said.

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