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Summary of 2017 AGM

Following Defence Bank's 42nd Annual General Meeting (AGM) held in Melbourne on 20th of November 2017, the Board of Directors would  like to announce the key outcomes of the meeting.

1. Results of the Election of two Directors

This year two Directors were up for re-election, Ms Fran Raymond and LTCOL Craig Madden. In line with Defence Bank's Constitution to call for nominations, one successful nomination was put forward. Three candidates were therefore interviewed by the Nominations Committee and all three met the Fit and Proper requirements under our constitution. As a result of having three candidates for two director positions an Election was held.

For the first time electronic voting was used, members unable to vote online could request a postal ballot. Ms Danielle Hine from Computershare was appointed as independent Returning Officer for the Director Elections. Thank you to all of our members who participated in the voting process.

Having received a majority of votes, we declare that Ms Fran Raymond and LTCOL Craig Madden have been elected.

The Board wish to thank Reverend (Chaplain) Peter Devenish-Meares for his interest and participation in the election and wish him well in the future. Congratulations to Ms Fran Raymond and LTCOL Craig Madden on their re-election.

Directors at a separate Board meeting after the AGM confirmed Ms Fran Raymond as Board Chair for the 2018 year.

2. Modification of Constitution

Members approved the modification of Constitution as presented, by way of summary, allows the Board to notify the Nominations committee of any skills, experience which the board considers would be beneficial for directors to have in order to maintain or enhance the board's ability to manage and guide the mutual.

3. Director Remuneration

Directors proposed no increase in the Director remuneration pool this year.

Members resolved to approve the Director Remuneration pool at $625,600 (including superannuation in accordance with the Superannuation Guarantee Contribution legislation) for the period commencing at the 2017 AGM and applicable until the General Meeting next determines Director Remuneration.

 

The Board and Staff wish to thank members for their interest in this year's AGM and look forward to a continuation of success and high levels of member service into the coming year and beyond.

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