has seen its members endorse sweeping changes to its structure.
At the association's Extraordinary General Meeting in Melbourne, members voted overwhelmingly in favour of a new constitution that will change the makeup of the MFAA
board. The changes will ensure that loan writers, representatives of mortgage broking businesses and mortgage manager businesses will hold the majority on the MFAA
board, which will now be directly elected by members.
Under the new structure, the MFAA
board will be comprised of five elected members, four of whom must be loan writers, representatives of mortgage broking businesses or mortgage manager businesses. The board will also be able to appoint additional directors, provided the total number does not exceed 10 and that the majority are loan writers, representatives of mortgage broking businesses or mortgage manager businesses.
We considered the feedback of our credit adviser members about the strategic direction of the association and decided to act upon changes that made sense, said Tim Brown, Chair of the MFAA
. "This included a board that was majority led by the professions that make up the industry. We represent the greater majority of the leading credit advisers in the country by far so it is important that they have a say.”
The new structure came into effect on 26 September, and has seen an interim board elected comprising Brown, Cynthia Grisbrook, Jeana Scott, Marco Meloni, Darren McLeod, Ray Slack and Corinna Dieters.
At the association's annual general meeting in November, Slack and Meloni will stand down but will be eligible for re-election. Board positions will be two-year terms, with half the board up for re-election every year.
The structure also sees changes for state councils and national committees, which will now become advisory committees for the board. The election process for state advisory councils will be the same as previously applied for state councils, and there will be a call for nominations later in the week.
CEO Phil Naylor will oversee the process as members ready themselves to nominate and vote.
continues to change to suit the needs of the members and now the board representation can be decided by a vote from members. We urge all to get involved and have a say in the new structure moving forward," Naylor said.