Is AAPMBF being hijacked
AAPMBF members. You will by now, have before you a set of proposed rule changes for the AAPMBF.
Whilst “prima facie” appearing to be innocuous, closer inspection reveals matters that should be of serious concern to all members.
The proposal eliminates any elected administration from the fund and replaces it with a Board of a separate legal entity (Austair). If this vote is passed, the current, elected Trustees will cease to be Trustees of the AAPMBF. Control will then pass to “Austair”. The proposed rules talk of Directors, but there are no Directors of AAPMBF, and Directors are not defined within the rules of the AAPMBF. The proposal appears to hope that you will assume Directors of Austair are automatically Directors of AAPMBF. As the rules are written, such is not the case. Whether that is by omission or commission is immaterial to the effect.
Austair has nine directors.
Austair is a Nominee Company that has (to the best of my knowledge), no constitution.
None of the current Directors of Austair have been elected to those positions, they have been appointed by the other Board members.
Members of AAPMBF are not ‘members’ of Austair and therefore have no say in the administration of or election of Directors of Austair.
What should precede this current proposal, is the formulation of a proper constitution for Austair Nominees , which gives ultimate control of Austair to the membership of AAPMBF, with process’ for election of representatives and the ability to direct the administration of the company. To the best of my knowledge that currently is not in place.
We are being asked to hand over our assets to an unelected body over whom we currently have no means of control.
The proposal has other serious flaws which I will publish separately, however the above facts are the most serious concern and require your immediate consideration.
To vote for the current proposal is to assign any influence you currently have over the direction of the fund and the disposition of your substantial assets.
I intend to vote NO. I urge you to do the same
Paul Makin
Former Chairman of Trustees AAPMBF
Last edited by paul makin; 7th Apr 2010 at 00:16.