Australian Ethical board defeats dissidents
The board of funds management group Australian Ethical has staved off a challenge by a group of dissident shareholders.
An extraordinary general meeting held in Canberra yesterday saw all 10 resolutions moved by the dissidents, rejected by what Australian Ethical's chairman Andre Morony described as "comfortable margins".
Commenting on the outcome, Morony said a small group of shareholders had mounted what might politely have been called a 'vigorous' campaign against the board.
"Despite their negative campaign, the group - who with their families and friends control about 20 per cent of shares - was only supported by an average of about 15 per cent of shareholder votes," he said.
Morony said it was time for the company to heal and continue unhindered on its mission of promoting ethical investment.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.