The Australian Institute of Trustees will hold a special general meeting on October 18, 2006 for members to vote on the proposals which will allow the merger of AIST and CMSF.
The two proposals resolve to change AIST from an association to a Company Limited by Guarantee and to delete the current Rules of Association and replace them with the constitution of the new merged entity. Members can vote in person or by proxy via fax or mail. Votes must be received by 4pm, October 17, 2006. KPMG is assisting with the proxy vote collation. The merger was first flagged at CMSF’s conference in April when a discussion paper was distributed to members of both organisations. The merger needs 75 per cent of the votes made to go ahead and Mavis Robertson, CMSF founding convenor, was optimistic the required number of votes would be received. “All the feedback we’ve had is positive. Certainly there may be people out there who don’t think it’s a good idea but they haven’t told us. We want to go forward with a lot of support,” she said. The new entity will exist under the company structure and will keep the AIST moniker. CMSF will be run out of the new entity’s conference division but will still be called CMSF. Fiona Reynolds, CMSF director, said the company structure was not new to the group as its sister organisation, Industry Fund Services, existed under the same structure. As a company all members will be allowed a vote, which is different to what was previously allowed under the association structure. Membership of the new entity will be available to trustee directors of representative superannuation funds (Trustee Representatives), fund staff of all representative superannuation funds (Staff Representatives) and individuals (Individual Membership). Individual membership is for those past or present trustees or fund staff who would still like to be involved in the organisation. The new board will consist of six trustee representatives, three staff representatives and one individual director. Nominations for the new board will be taken in December to be voted on at the first annual general meeting of the new entity at the CMSF conference in March next year. For more information please contact Maryann Mannix-White on 03 9923 7113 or email MMannixWhite@aist.asn.au.
Private equity firm Bain Capital has once again matched rival suitor CC Capital’s bid for Insignia Financial in a month-long takeover tug-of-war that is showing little signs of cooling down. The announcement coincided with a quarterly earnings update that saw the PE investors’ target report a loss of $424 million in advised super assets.
Darcy SongJanuary 23, 2025
