AFA EGM receives required support
The Association of Financial Advisers (AFA) has confirmed it has received the minimum number of forms required under the Corporations Act for an extraordinary general meeting (EGM) to take place.
It would now put forward the resolution contained in the forms at the EGM.
"The resolution seeks to change the AFA Constitution in a manner that reduces the policy making powers of the AFA board," the association said in a statement.
"It is a special resolution under the Corporations Act and requires a 75 per cent majority support in order to be successful."
The AFA had previously informed the EGM initiator, Mark Dunsford, that it could not take the AFA Constitution to the membership as less than five per cent of the voting members were represented in the forms submitted, with 100 out of 230 being deemed invalid.
AFA president, Deborah Kent, then rejected the calls for the EGM, arguing it would stifle the association's voice on policy issues where there was little chance of reversing life insurance reforms that had bipartisan support.
The EGM must be held within two months, which is 30 October. The AFA would be required to inform members within 21 days of the EGM date.
AUTHOR
Malavika Santhebennur
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
