MFAA AGM: Special resolution passed
By
Larry Schlesinger
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30/11/2009 9:30:00 AM
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The special resolution motion to change the MFAA constitution to restrict the number of board members from any one related or consolidated group to two has been passed.
MFAA CEO Phil Naylor told Broker news the vote had been passed with the necessary 75% majority.
It allows NAB Advantedge to hold two positions on the board - that of Glenn Mitchell, BDM at PLAN Australia, who was appointed Victoria state president and Steve Kane, appointed chair of the national brokers committee and treasurer.
Among those opposed to the special resolution were the CBA and AFG though for opposite reasons.
The CBA wanted only one board member per related group to ensure impartiality and diversity of voices while AFG's executive director Kevin Matthews told Broker news if a group represented 40% of brokers (as NAB does through Advantedge) than it could be argued it was entitled to more than two board positions.
Among supports of the specials resolution were Choice and nMB.
Naylor said there were about 25 members present at the meeting held last week in Sydney, which he said was "well conducted with various points of view discussed".
Related stories:
MFAA board: Cummings retiring, Lawler stepping down - Kathy Cummings, executive GM for Third Party Banking at the CBA, will not be standing for re-election as NSW/ACT president of the MFAA
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Broker on
30 Nov 2009 11:13 AM
Wow 25 members present out of 10000 members, this further illustrates what the MFAA memebers think of the MFAA, not much!