CBA on resolution: "Two is one too many"
By
Larry Schlesinger
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23/11/2009 2:00:00 PM
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Kathy Cummings, executive GM for Third Party Banking at the CBA, has confirmed that the bank will be voting against the special resolution at Thursday's MFAA AGM.
The special resolution motion seeks to alter the constitution of the MFAA quantifying that no more than two directors be appointed to the board from any one consolidated or related group.
"We are of the opinion that any group with its related entities should have only one member on the Board. Two is one too many," Cummings said.
Choice, part of the NAB Advantedge group, has already urged its brokers to vote in favour of the resolution.
In voting against the resolution, Cummings said the CBA's greatest concern was "maintaining the impartiality of the board...essential for the long term growth of the industry".
"We believe that for representation across the entire industry, it is essential that a maximum of one Board member be able to represent an organisation which share the same parentage/subsidiaries," she said.
"A fair, open and transparent industry needs diversity in its voices and representation."
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