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Brokers have voted to change the MFAA constitution to allow direct elections to the board.
MFAA president Tim Brown reported that members voted “overwhelmingly in favour” of a new constitution at an extraordinary general meeting on September 24.
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The new rules, which were proposed in August, mean that members will now directly elect five directors.
“Under the new governance structure, the MFAA board comprises five elected members, four of whom must be loan writers or representatives of broking businesses or mortgage manager businesses,” Mr Brown said.
“The board may also appoint additional directors, provided the total number of directors does not exceed 10 and a majority must always be loan writers or representatives of broking businesses or mortgage manager businesses.”
As part of the changes, an interim board was elected that will serve until the annual general meeting on November 18.
The interim board consists of Mr Brown as chairman, as well as Marco Meloni, Ray Slack, Cynthia Grisbrook, Jeana Scott, Darren McLeod and Corinna Dieters.
Mr Meloni and Mr Slack will stand down at the annual general meeting but will be eligible for re-election.
“The reason only two positions are up for re-election is to ensure the board has continuity, so every year half the board will be up for re-election. Board positions are now two-year terms,” Mr Brown said.
