snoopy
Top Contributor
Just got an email,
"the special resolution - Clause 18.2(d) Constitution of the Board to increase the number of Independent Directors did not pass"
AUDA should be on notice that anything opaque that they try has a good chance of getting voted down, it is also from the disgraceful Ralph report where they talk about new members being "fit and proper" and the need for "cleaning up the existing database of members where members do not meet the expected standard".
https://www.auda.org.au/assets/Uploads/Cameron-Ralph-Report-for-auDA.pdf
It should be noted that AUDA is looking at methods to get around the need for vote which sound rather dubious,
"As the Constitution can only be varied by special resolution at a general meeting (Clause 31), it may be possible for the current Chair to vacate his elected position and seek endorsement from the Board to be appointed to one of the current Independent Director vacancies, and then subsequently be endorsed as "Chairman". The CEO is seeking further advice regarding this and will provide the Board with a recommendation at the next meeting."
Personally I'm not really against more independent directors but voted against it for reasons stated above, the late notice and also because of the disgraceful behaviour of AUDA generally over the last 12 months (I also voted against every other resolution on the form).
"the special resolution - Clause 18.2(d) Constitution of the Board to increase the number of Independent Directors did not pass"
AUDA should be on notice that anything opaque that they try has a good chance of getting voted down, it is also from the disgraceful Ralph report where they talk about new members being "fit and proper" and the need for "cleaning up the existing database of members where members do not meet the expected standard".
https://www.auda.org.au/assets/Uploads/Cameron-Ralph-Report-for-auDA.pdf
It should be noted that AUDA is looking at methods to get around the need for vote which sound rather dubious,
"As the Constitution can only be varied by special resolution at a general meeting (Clause 31), it may be possible for the current Chair to vacate his elected position and seek endorsement from the Board to be appointed to one of the current Independent Director vacancies, and then subsequently be endorsed as "Chairman". The CEO is seeking further advice regarding this and will provide the Board with a recommendation at the next meeting."
Personally I'm not really against more independent directors but voted against it for reasons stated above, the late notice and also because of the disgraceful behaviour of AUDA generally over the last 12 months (I also voted against every other resolution on the form).