AGM 2020 - Results

Annual General Meeting (AGM) of Credit Union Baywide (CUB)

Our 2021 AGM was held on Wednesday 27 October 2021 via Zoom video conference.

No voting was conducted on the night except for procedural matters such as the acceptance of the 2020 AGM Minutes and the adoption of the Financial Statements (which were approved). All voting on proposed resolutions was conducted electronically prior to the AGM.

 

Voting Results

Amendments to the Trust Deed

The following Trust Deed amendments were approved by members:

Resolution 1: Associates

To approve the changes to the Trust Deed that would recognise a new type of entity (an Associate) that is appropriately covered by the Trust Deed requirements.

Resolution 2: Other Investments Ratio

To approve a change to clause 7.4(e)(ii) of the Trust Deed that would increase the amount of Other Investments that CUB is able to make, from 3% of Total Tangible Assets, to 5% of Total Tangible Assets.

 
The following proposed Trust Deed amendment was not approved by members:

Resolution 3: Member Proposals

To approve the removal of Section 12 (Member Proposals) from Schedule 1 of the Trust Deed.

 

The following Rule amendments were approved by members:

Resolution 4: Name of Credit Union

To approve the change in name of Credit Union Baywide to ‘Unity Credit Union’ on or before 28 February 2022.

Resolution 5: Method of Contracting – Rules Amendment

To approve an amendment to Rule 22.1 to allow certain persons authorised by the Board to enter into deeds on behalf of CUB.

Resolution 6: Credit Union Securities – Rules Amendment

To approve new Rules 6.7 to 6.10 that allow CUB to acquire its own Credit Union Securities.

Resolution 7: Other Rule Amendments

To approve all other changes to the Rules as shown in the amended Rules and outlined in the Supplementary Information section of the Notice.

Director Remuneration

Members approved to reduce the total pool of director remuneration to a maximum of $317,000 for the 2021-2022 year.

Appointment of Directors

Janice Fredric has been appointed for a further 3 year term.

As Janice is a current member of the Board and there were no other candidates for the vacancy, her reappointment did not require voting by members.