Not deleted by me.
Capt. Bloggs
Firstly I did not delete a post. It has been removed by the moderators, without explanation. As this matter is of serious concern to many members I repost here with minor modifications to eliminate those parts to which the moderators may have taken exception.
Rmcdonal,
The folowing is not in accord with what you have assessed from your discussions with the fund. I urge you to follow the analysis before making up your mind.
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The important thing here is how Austair is used. To the best of my knowledge the fundamental structure has remained unchanged in the 15 years since I was involved.
Austair is and was intended, to hold the assets but CONTROL of how those assets were applied has never been ceded to the Board of Austair. CONTROL of the application of funds has always been the province of the ELECTED Trustees of the AAPMBF.
We are being asked to change that position, but are being given no opportunity to elect the Board of Austair. Make no mistake, if this vote gets up there are NO ELECTED members in control of the AAPMBF. Trustees are eliminated and there is (currently) no such thing as a Director of AAPMBF. There is nothing to stop the Board of Austair appointing Bob Hawke or Jimmy Bowtie or Geoff Dixon as directors. The UNELECTED Directors of Austair will have full control of the funds, their disposition and the assessment and payment of member benefits. Two of our elected members will cease to hold any position and they will be ordinary members of the AAPMBF with no say in the way things are run.
I know it is a difficult concept, but despite the similarity (but not identicality) of the makeup of the Board of Directors Austair and the Board of Trustees of the AAPMBF, the standing of each is that they are separate legal entities and should be viewed individually. The current situation where the make-up of the Boards does not coincide should emphasise this.
A lot of this could be resolved by the reinstatement of the position of Director of AAPMBF. The current Trustees, either by omission or by commission have not proposed this. If by omission, the ineptitude of those preparing the submission is further revealed. If by commission, this is the most serious attack ever, on the integrity and future of the AAPMBF.
Paul Makin
Former Chairman AAPMBF