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
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
