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MFAA is set for a new strategic focus for 2010 with members having passed the resolution to change board representation numbers last night at the AGM.
Under the new amendments, each consolidated mortgage broking group will not have any more than two representatives on the MFAA board. There had been calls from some sectors for the board members to be limited to one seat per group.
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The resolution was passed by the 75 per cent majority of members required by the MFAA’s constitution.
MFAA’s chief executive officer Phil Naylor said that despite the majority vote, the proposed changes provoked strong dissent by some members, who raised their concerns at the meeting. “Everyone had a chance to put forward their case,” he said.
Mr Naylor told Mortgage Business that the impact of the decision for the MFAA is a clearer board structure that can now build for the future.
“With a new board structure, the MFAA can now press ahead with its strategies over the next few months,” Mr Naylor said.
“Our first meeting of the new board will be held this morning,” he said.
All resolutions were passed at the meeting, which included considering the year end financials and yearly report on the activities of the MFAA, Mr Naylor said.
