Democracy movement has a win at the MFAA
The Mortgage & Finance Association of Australia is re-rewriting its constitution to give members a greater say in the running of the organisation, which represents mortgage brokers and other finance intermediaries.The MFAA board issued a statement yesterday saying the restructure would enable direct election of the board by members.Under the proposed changes, at least four of five elected directors must be either loan writers or representatives of broking or mortgage management businesses.The board will have the power to appoint additional directors, provided that loan writers or representatives of broking or mortgage management businesses make up the majority.There can be no more than two directors from any one state.The association will hold an extraordinary general meeting in September to vote on the changes.Under the current constitution state presidents or chairs of national committees move onto the board automatically.MFAA chief executive Phil Naylor told The Adviser that the change was in response to member feedback.Naylor said: "It's very important for member engagement that those who are in the majority of the organisation have control over its affairs."