The Association of Financial Advisers (AFA) has received a number of forms calling for an Extraordinary General Meeting (EGM), purported to represent at least 5% of the voting membership of the AFA. The AFA is now required to verify each individual form, but preliminary checking has found that:
- • a substantial number of duplicate forms have been submitted by the same persons
- • some forms have been submitted by non-members
- • some forms are incomplete
It will take the AFA some time to correctly verify those forms that are incomplete or appear not to be from members. It is therefore not readily apparent that the statutory limit has been reached.
The notice calls for members to vote on a special resolution that seeks to change the AFA’s Constitution in a manner that restricts the member elected Board from deciding policy positions in relation to life insurance for a period of three years.
The special resolution would require support from at least 75% of the votes cast to be passed.
