AFA confirms EGM threshold reached

The AFA says it has received the number of member forms required under the Corporations Act and will put forward the resolution at an EGM.

The resolution would seek the AFA to withdraw its support for the proposed Life Insurance Framework (LIF) in its current form, something the AFA said would change its constitution and reduce its board’s policymaking powers.

Earlier this month, AFA member and director of NOW Financial Group, Mark Dunsford, submitted 225 subject forms to AFA chief executive Brad Fox formally requesting an EGM to propose an amendment to the AFA’s constitution regarding the proposed LIF reforms.

The resolution requires support from 75 per cent of the AFA membership in order for it to succeed, the AFA said in a statement.

The AFA said it is required to advise members within 21 days of the date of the EGM and the EGM must be held by 30 October.