NOW Financial Group director Mark Dunsford has responded to the AFA’s claim that it has not received the required number of forms to call an extraordinary general meeting.
In an email to ifa, Mr Dunsford said that according to the AFA’s by-laws, the board must call an EGM if it is validly requested by a group of members with at least 5 per cent of the votes that may be cast at the EGM or by at least 100 members who are entitled to vote at the EGM.
A letter from AFA chief executive Brad Fox to Mr Dunsford stated that 127 of the 225 forms received have been validated.
Mr Dunsford noted in an email that this number is more than the 100 required to call an EGM.
ifa reported yesterday that the AFA said it had found more than 100 of the 230 forms received could not be accepted – for a range of reasons – pushing the number of valid forms beneath the 5 per cent threshold required to request an EGM.
The association found that 50 of the forms were duplicates; 25 forms were provided by people who were not AFA members; and 28 forms could not be verified since they incorrectly identified the member.
“The AFA has notified Mr Mark Dunsford who provided the forms calling for the EGM that less than 5 per cent of the voting members of the AFA are represented and, accordingly, the AFA cannot take his special resolution to change the AFA Constitution to the membership as yet,” the statement said.
“The AFA is telephoning 24 members where forms have been received in their name but the details provided are insufficient to identify whether the member completed the form.
“The AFA will help them complete the form if that was their intention,” the statement said.
AFA national president Deborah Kent said the association's board appreciates the right of members to call an EGM within the confines of good governance under the Corporations Act and will facilitate the putting of the resolution if and when the requisite 5 per cent of voting members is reached.
Advisers have implored the wealth giant’s largest shareholders to ask some “serious questions” about their fate at the company’s upcoming annu...
The government has released draft legislation around the establishment of the single disciplinary body for advisers, which will sit inside ASIC. ifa b...
More than 80 per cent of consumers now expect their retirement savings to be invested ethically, and adviser platforms are moving quickly to cater to ...