AFA To Revise Constitution at AGM

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The Association of Financial Advisers (AFA) will seek to revise its constitution and by-laws in an effort to become a code monitoring body under the new professional standards legislation.

AFA National President, Marc Bineham
AFA National President, Marc Bineham

AFA President, Marc Bineham wrote to members this week notifying them of the planned changes and that it was presently conducting a review of its constitution and by-laws based on legal advice from its General Counsel, Linda Vogel and from an independent law firm.

In the message to members, Bineham said the Constitution was the main document that defined the jurisdiction and powers of the AFA and the rules that applied to the Association, its board and members.

“The review is a priority as we look forward to the implementation of the Professional Standards regime and focus on the requirements for becoming a code monitoring body,” Bineham said.

“All financial advisers, including AFA practitioner members will need to belong to a code scheme, so it is essential that the AFA is legally enabled to apply to become a code monitoring body,” he added.

“…it is essential that the AFA is legally enabled to apply to become a code monitoring body”

As part of the review and proposed changes the AFA is seeking member feedback which will be considered in the development of an amended constitution that would be sent to members prior to the annual general meeting (AGM) on 12 October.

Any changes to the AFA constitution will require a special resolution to be passed at the AGM by a majority of 75% of voting members with the AFA planning to present the special resolution ahead of the meeting after the conclusion of the review.

Board Nominations Open

Members will also have an opportunity to vote for AFA Board members with nominations for three positions – Treasurer, SA/NT State Director and Tasmanian State Director – closing on 30 August.

These positions are currently held by Dave Slovinec, Michelle Veitch and Matthew Hawkins respectively, who will each renominate for a further two year term.

The remainder of the board was elected at last year’s AGM for a term of two years, while the term for the Tasmanian State Director expires this year, and the Treasurer and SA/NT Director positions are also open as they were filled by casual vacancies earlier this year (see: Anderson Returns to Policy Role at AFA).

The AFA recently notified members that it had made changes to the nomination process adding a requirement that a nominee must be a member be in ‘good standing’, a member of the AFA for the last 3 consecutive years and a practicing financial adviser, and subject to police and licensee checks (see: AFA Changes Election By-Laws).